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Arab Steel Summit

Oil prices record weekly losses and decline 2.5%

Oil prices fell by 2.5% at the end of today’s trading, Friday, December 1, 2023, continuing to hemorrhage losses for the second day, and recording losses for the sixth week in a row.

The decline in crude prices comes after the voluntary oil production cuts agreed upon by OPEC+ producers were less than market expectations.

Yesterday, Thursday, November 30, oil prices ended their trading with a decline of more than 2%, with the end of the OPEC+ alliance meeting without announcing official cuts, which raised investors’ doubts.

While the current supply policy has not changed, 8 countries in the OPEC+ alliance, led by Saudi Arabia and Russia, announced additional voluntary cuts totaling 2.193 million barrels per day, starting from January 2024 to the end of March 2024, with the aim of supporting market stability, with these cuts being calculated from production levels for 2024. .

At the end of the session, futures contracts for standard Brent crude, for February 2024 delivery, fell by about 2.4%, reaching $78.88 per barrel, with weekly losses of 2%.

At the same time, US West Texas Intermediate crude futures, for January 2024 delivery, fell by 2.5%, to $74.07 per barrel, recording weekly losses of 1.9%, according to figures monitored by the specialized energy platform.

The two benchmarks (Brent and West Texas Intermediate) recorded losses of about 5.2% and 5%, respectively, during November 2023.


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