Oil futures prices closed the week's trading lower after the OPEC Plus meeting was postponed.
Futures prices for standard Brent crude for January delivery fell by 1.7%, equivalent to $1.38, at $80.58 per barrel, ending the week almost unchanged, after a series of losses that extended over four weeks.
While the price of US Nymex crude for January delivery fell by 2%, or $1.56, to record $75.54 per barrel, and declined during the week’s trading by 0.65%, extending its series of losses to the fifth week in a row.
The postponement of the OPEC+ meeting, which includes OPEC and other allies, including Russia, from November 26 to 30 led to a sharp decline in oil prices.
Many analysts said they expect OPEC+ to extend or increase oil supply cuts next year in order to support prices.
In a separate context, analysts expected the pace of growth in demand for crude in China to slow to 4% in the first half of 2024, after strong growth levels following the Corona pandemic, in light of the continued impact of the real estate sector crisis on diesel consumption.
