Oil suffers weekly losses after supply concerns recede

the National News Agency announced Lebanon On Friday, four Israeli tanks penetrated the western neighborhood of the border town of Hiyam.

The two sides exchanged accusations of ceasefire violations. However, the truce that took effect on Wednesday reduced the risk premium on oil, sending oil prices down.

Brent crude futures were down 34 cents, or 0.46 percent, at $72.94 a barrel after settlement, and U.S. West Texas Intermediate futures were down 72 cents, or 1.05 percent, at $68 a barrel. Thursday was the Thanksgiving holiday in the United States.

On a weekly basis, Brent crude futures fell 3.1 percent, while West Texas Intermediate fell 4.8 percent.

The conflict in the Middle East has not caused any supply disruptions oilwhich is expected to be more abundant in 2025. The International Energy Agency expects an oversupply of more than 1 million barrels per day, equivalent to more than one percent of global production.

The OPEC+ alliance, which includes countries from the Organization of the Petroleum Exporting Countries and allies including Russia, postponed its next meeting on production policy until December 5 after it had been scheduled for the first of next month. The meeting is expected to extend the coalition’s output cuts, according to Reuters.

BMI analysts said in a report: “While we expect the OPEC+ group to decide to extend the current cuts into the new year, this will not be enough to fully dissipate the impact of the excess production we expect for next year.”

A Reuters poll of 41 analysts said the average price of Brent crude could reach $74.53 a barrel in 2025, the seventh straight month of downward revisions in a Reuters poll.