WASHINGTON (dpa-AFX) - Oil prices were on track for a weekly loss on Friday as a ceasefire between Israel and Hezbollah eased geopolitical tensions and OPEC+ delayed a key virtual meeting by four days.
Benchmark Brent crude futures dipped 0.6 percent to $72.36 in European trade and were down almost 3 percent for the week.
WTI crude futures were marginally higher at $68.78 amid thin trading volumes due to Thanksgiving holiday in the U.S.
On Thursday, OPEC+ announced a postponement of its highly anticipated meeting to discuss production strategies.
The oil cartel, which includes Saudi Arabia and Russia, has postponed the meeting from Sunday until December 5 as the oil market faces many uncertainties, around weather, demand and geopolitics.
On the geopolitical front, Israel and Hezbollah have accused each other of violating the ceasefire norms that came into effect this week.
Elsewhere, Russia has launched a series of strikes on Ukraine's energy infrastructure, exacerbating the power crisis across the country.
Ukrainian President Volodymyr Zelenskiy has condemned Russia's actions as a 'despicable escalation,' highlighting the use of Cruise missiles with cluster munition.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
