WTI falls for sixth week, Brent closes below $80 a barrel

Oil drilling rigs

Oil prices settled lower on Friday as investors absorbed the outcomes of the OPEC+ meeting, where several OPEC+ countries only agreed to voluntarily cut oil production amid weak industrial data in the US.

Brent crude for February delivery fell by 2.45% to $78.88 a barrel, recording weekly losses of 2%.

WTI contracts for January delivery shed 2.5%, or $1.89, to $74.07 a barrel, dropping 1.95% this week. WTI extended its losses for the sixth straight week.

The US drilling rig count increased by five units to 505 in the week ended Dec. 1, Baker Hughes energy services firm said in its closely followed report on Friday.