The Price of Oil for Delivery in February Fell by More Than 1 Percent on Friday to $71.12.
The drop was recorded while analysts projected a supply surplus next year amid weak demand and despite OPEC+ decision to postpone production increases and extend deep production cuts until the end of 2026.
Brent oil futures closed at $71.12 per barrel, down 0.97 dollars or 1.4 percent.
In the week, Brent prices fell more than 2.5 percent while WTI had a 1.2 percent drop.
A growing number of oil and gas rigs installed in the United States this week, indicating increased production from the world’s largest oil producer, has also caused prices to fall.
Weak global demand for oil and the prospect of OPEC+ increasing production once prices rise weighed on negotiations.
Source: Jornal de Angola
