Oil prices fell more than 2% today closing out a volatile week down about 2% WoW. OPEC+ announced additional production cuts yesterday, but the market has received this cut with skepticism. “(It) seems traders either aren’t buying that members will be compliant or don’t view it as being sufficient,” Erlam added. In the United States, Federal Reserve Chair Jerome Powell said on Friday that the central bank would move “carefully” on interest rates as risks of “under- and over-tightening are becoming balanced.” WTI traded down $1.89 or -2.49% to close at $74.07. Brent traded down $1.98 or -2.45% to close at $78.88.