NEW YORK: Oil prices were steady on Friday and heading for a weekly dec­l­ine of three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as Opec+ is ex­­pected to extend output cuts.

Brent crude was down 15 cents, or 0.2pc, at $73.13 a barrel by 1655 GMT. US West Texas Inter­­­me­diate crude futures were at $68.87, up 15 cents, or 0.22pc, from the last close before Thursday’s Than­ksgiving holiday.

Trading activity was muted because of the US public holiday.

For the week, Brent is down 2.8pc over the week while WTI has lost 3.4pc.

The International Energy Agency sees the prospect of more than one million barrels per day (bpd) of excess supply — equal to more than 1pc of global output.

The Opec+ group comprising the Organisation of the Petroleum Expor­ting Countries and allies incl­u­d­ing Russia delayed its next policy meeting to Dec 5 from Dec 1. Opec+ is ex­­pected to decide on a further extension to production cuts at the meeting.

Published in Dawn, November 30th, 2024