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Oil registered the first weekly gain despite having settled lower on FridayOil prices experienced a decline on Friday, 24 November 2023 yet managed to secure their first weekly gain in over a month. |
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Oil prices experienced a decline on Friday, 24 November 2023 yet managed to secure their first weekly gain in over a month. This comes as the market anticipates the upcoming OPEC+ meeting set to determine production cuts for 2024. The positive week for oil marks a reversal from the previous four weeks of losses.
Recent drops in oil prices were attributed to worries about demand and increased supply, notably from non-OPEC producers. As OPEC+ gears up for discussions, output cuts remain a focal point in addressing the current market dynamics. Trading remained subdued post-Thanksgiving holiday on Thursday, adding to the cautious sentiment in the oil market.
Brent crude futures settled down 84 cents or 1%/barrel, close at $80.58/barrel
WTI crude fell $1.56/barrel or 2%/barrel, from Wednesday's close to $75.54/barrel.
