WASHINGTON (dpa-AFX) – Oil prices fell on Friday, weighed down by prospects of oversupply in the market despite OPEC+’s decision to delay planned production increases until April 2025 and extend cuts production until the end of 2026.

Concerns about China’s oil demand outlook also weighed on prices.

West Texas Intermediate crude oil futures for January closed down $1.10, or about 1.61%, at $67.20 a barrel. WTI crude futures lost nearly 1% during the week.

Brent crude futures settled at $71.12 a barrel, losing $0.97, or about 1.35%. Brent crude futures lost more than 2% during the week.

On Thursday, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, announced their decision to delay plans to start increasing oil production by three months until April. The group also decided to extend the total lifting of budget cuts by one year, until the end of 2026.

Investors are awaiting a key meeting on Chinese economic policy next week, where top Chinese leaders could discuss economic targets and additional stimulus plans for 2025.

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