Oil prices were steady on Friday, with Brent crude slipping 15 cents (0.2%) to $73.13 a barrel and U.S. WTI rising 15 cents (0.22%) to $68.87 in light post-Thanksgiving trading. For the week, Brent dropped 2.8%, and WTI fell 3.4%.
The Wednesday ceasefire between Israel and Hezbollah reduced oil’s risk premium, contributing to declines despite accusations of violations. Earlier in the week, Brent dipped 0.27% (20 cents) to $72.81 on Tuesday, following Monday’s $2.16 (2.87%) drop to $73.01. WTI similarly fell 0.25% (17 cents) to $68.77 on Tuesday after a $2.30 (3.23%) slide on Monday to $68.94.
Looking ahead, the International Energy Agency predicts over 1% of global oil output could become excess supply in 2025. OPEC+ postponed its policy meeting to December 5, likely extending production cuts to address potential oversupply.