Oil drilling rig
Oil prices dropped on Friday, with the geopolitical risk premium shrinking, amid follow-up of Middle East political situation and delay in OPEC+ meeting.
Brent crude for January delivery declined 1.7%, or $1.38, to settle at $80.58 a barrel, but ended the week on a flat note after extending losses for the fourth straight week.
WTI contracts for January delivery also fell 2%, or $1.56, to $75.54 a barrel, with a weekly loss of 0.65%. Hence, they extended decline for the fifth straight week.
OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, Reuters reported, citing OPEC+ sources.
OPEC+ surprised the market on Wednesday by delaying its Nov. 26 meeting to Nov. 30 after producers struggled to reach a consensus on output levels.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}