WASHINGTON (dpa-AFX) - Oil prices fell on Friday, weighed down by prospects of excess supply in the market despite OPEC+'s decision to delay planned output increases till April 2025 and extend production cuts until the end of 2026.
Concerns about the outlook for oil demand from China weighed as well on prices.
West Texas Intermediate Crude oil futures for January closed down $1.10 or about 1.61% at $67.20 a barrel. WTI crude futures shed nearly 1% in the week.
Brent crude futures settled at $71.12 a barrel, losing $0.97 or about 1.35%. Brent crude futures lost more than 2% in the week.
On Thursday, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, announced its decision to defer plans of starting oil output rises by three months until April. The group also decided to extend the full unwinding of cuts by a year until the end of 2026.
Investors await a key Chinese economic policy meeting next week, where China's top leaders may discuss economic targets and additional stimulus plans for 2025.
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