NEW YORK, Dec 7 (Reuters): Oil prices fell by more than 1 per cent on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.
Brent crude futures settled at $71.12 a barrel, shedding 97 cents, or 1.4 per cent. US West Texas Intermediate crude futures settled at $67.20 a barrel, falling $1.10, or 1.6 per cent.
For the week, Brent prices lost more than 2.5 per cent, while WTI saw a drop of 1.2 per cent.
A rising number oil and gas rigs deployed in the United States this week, pointing to rising production from the world's biggest crude producer, also pushed prices lower.
Oil prices fall on supply glut fears
FE Team | Published: December 07, 2024 22:59:31
Oil prices fall on supply glut fears
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