Crude oil records losses for fifth straight week

24/11/2023 Argaam
Oil drilling rig

Oil drilling rig

Oil prices dropped on Friday, with the geopolitical risk premium shrinking, amid follow-up of Middle East political situation and delay in OPEC+ meeting.

 

Brent crude for January delivery declined 1.7%, or $1.38, to settle at $80.58 a barrel, but ended the week on a flat note after extending losses for the fourth straight week.

 

WTI contracts for January delivery also fell 2%, or $1.56, to $75.54 a barrel, with a weekly loss of 0.65%. Hence, they extended decline for the fifth straight week.

 

OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, Reuters reported, citing OPEC+ sources.

 

OPEC+ surprised the market on Wednesday by delaying its Nov. 26 meeting to Nov. 30 after producers struggled to reach a consensus on output levels.

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