WASHINGTON (dpa-AFX) - Despite expectations OPEC+ will delay production increases, oil futures settled lower on Friday as the group announced that their meeting, originally scheduled to take place on December 1, has been postponed to December 5th.
Traders continued to follow the developments on the geopolitical front. Israel and Hezbollah have been exchanging accusations of breaching the ceasefire agreement.
West Texas Intermediate crude oil futures for January closed down $0.72 or about 1.1% at $68.00 a barrel. WTI crude futures shed about 4.5% in the week.
Brent crude futures settled at $72.94 a barrel, down $0.34 or about 0.46%. Brent crude lost nearly 3% in the week.
The oil cartel, which includes Saudi Arabia and Russia, is widely expected to decide on a further extension to production cuts at their upcoming meeting, after considering uncertainties around weather, demand and geopolitics.
Russia has launched a series of strikes on Ukraine's energy infrastructure, exacerbating the power crisis across the country.
Ukrainian President Volodymyr Zelenskiy has condemned Russia's actions as a 'despicable escalation,' highlighting the use of Cruise missiles with cluster munition.
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