WASHINGTON (dpa-AFX) - Oil prices declined on Friday after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026, intensifying worries about weakening global demand.
Benchmark Brent crude futures dipped 0.4 percent to $71.81 in European trade, while WTI crude futures were down 0.4 percent at $68.00.
Amid weak demand from China and rising production in the U.S., the oil cartel has decided to extend its voluntary cut of 2.2 million barrels a day to 18 months.
The group said it plans to gradually increase output starting in the second quarter and continue doing so until September 2026.
Traders also await the all-important U.S. jobs report due later in the day that could help decide the Federal Reserve's policy path later this month.
Economists expect U.S. employment to jump by 200,000 jobs in November after an increase of 12,000 jobs in October. The unemployment rate is expected to tick up to 4.2 percent from 4.1 percent.
Elsewhere in China, a key tone-setting Chinese economic policy meeting is scheduled next week, where China's top leaders may discuss economic targets and additional stimulus plans for 2025.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
