Oil prices fall, set for weekly loss on supply worries

Oil drilling rigs

Oil prices declined on Friday, heading for weekly losses as Libya production is expected to come back online and OPEC+ is likely to boost output.

Brent crude futures for November delivery dropped 0.25% to $71.42 a barrel, at 8:27 am Makkah time.

Similarly, WTI crude for November delivery declined 0.28% to $67.48 per barrel.

Both contracts are heading for weekly losses of 4% and 6%, respectively.

OPEC+ will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members, Reuters reported, citing sources.

Meanwhile, representatives of Libya’s rival eastern and western legislative bodies, in talks facilitated by the United Nations, signed an agreement on Thursday to end a crisis over leadership of the central bank, nominating an interim governor and deputy. This supports the likelihood that oil production in the eastern regions will resume.