Oil prices fall on supply glut fears

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.