US West Texas Intermediate crude futures fell $1.74, or 2.1 percent, to $79.49 a barrel upon settlement.
Brent and West Texas Intermediate each rose more than a dollar earlier in the session, but fell back on news that OPEC oil production rose in September to its highest level since 2020, exceeding the increase pledged by producing countries for this month, according to a Archyde.com survey.
The Brent and West Texas Intermediate crudes rose 2% and 1% on a weekly basis, to record their first weekly rise since August, after hitting their lowest levels in nine months this week.
and elevation oil prices Supported by the dollar’s decline earlier in the week from its highest levels in 20 years. The decline in the dollar makes oil denominated in the US currency cheaper for holders of other currencies, which improves demand.
The market had received support from the possibility of the Organization of the Petroleum Exporting Countries (OPEC) reducingOPEC) and its allies production quotas at their meeting to be held on the fifth of October.
Analysts expect production cuts as demand concerns related to a possible global economic recession and higher interest rates weighed on crude oil prices.
and finished Brent prices and West Texas Intermediate in the third quarter, down by 23 percent and 25 percent, respectively.
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During the Friday session, it decreased Brent crude futures contracts For the month of November, which expired Friday, by 53 cents, or 0.6 percent, to $87.96 a barrel. The most active December futures contract fell $2.07 to $85.11 a barrel.
US West Texas Intermediate crude futures fell $1.74, or 2.1 percent, to $79.49 a barrel upon settlement.
Brent and West Texas Intermediate each rose more than a dollar earlier in the session, but fell back on news that OPEC oil production rose in September to its highest level since 2020, exceeding the increase pledged by producing countries for this month, according to a Archyde.com survey.
The Brent and West Texas Intermediate crudes rose 2% and 1% on a weekly basis, to record their first weekly rise since August, after hitting their lowest levels in nine months this week.
and elevation oil prices Supported by the dollar’s decline earlier in the week from its highest levels in 20 years. The decline in the dollar makes oil denominated in the US currency cheaper for holders of other currencies, which improves demand.
The market had received support from the possibility of the Organization of the Petroleum Exporting Countries (OPEC) reducingOPEC) and its allies production quotas at their meeting to be held on the fifth of October.
Analysts expect production cuts as demand concerns related to a possible global economic recession and higher interest rates weighed on crude oil prices.
and finished Brent prices and West Texas Intermediate in the third quarter, down by 23 percent and 25 percent, respectively.