WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday, but were set to gain around 3 percent for the week following OPEC+'s decision for a month's delay in plans to increase output and amid speculation the Trump administration may enforce tighter sanctions on oil-producing countries such as Iran and Venezuela.
Benchmark Brent crude futures fell 1.3 percent to $74.67 a barrel in European trade, while WTI crude futures were down 1.6 percent at $71.24.
The weakening trend comes as the risk that a hurricane in the Gulf of Mexico will significantly affect U.S. oil and gas output declined.
Hurricane Rafael, which has caused 391,214 barrels per day of U.S. crude oil production to be shut, is now forecast to move slowly westward over the Gulf of Mexico and away from U.S. fields, according to the U.S. National Hurricane Center.
The focus also shifted to stimulus announcements from China to stimulate growth.
The $1.4 trillion plan announced today by the Standing Committee of the National People's Congress was substantial but analysts said the country needs to do more to stabilize the economy.
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