Oil prices fall on demand worries, record 3rd straight weekly losses

Oil prices fell on Nov. 26, recording their third straight weekly losses, amid anticipation of talks about ceiling Russia's oil prices.

The European Union decided to postpone talks on setting a ceil for Russia's oil prices, due to disagreements between member states, Bloomberg reported.

Some European countries, such as Poland, refused to set a ceiling for Russia's oil prices near $65, as it guarantees robust revenues for the Russian government. Meanwhile, other countries, such as Greece, do not approve setting a ceil below this level.

Brent crude futures for January delivery fell nearly 2%, or $1.71, to $83.63 a barrel, with weekly losses of almost 4.5%. Meanwhile, US West Texas Intermediate (WTI) crude futures moved down 2.1%, or $1.66, to $76.28 a barrel, recording weekly losses of nearly 4.8%.