Oil drilling rigs
Oil prices kept flat on Friday despite OPEC+’s decision to push back the start of oil output rises by three months, which failed to boost market sentiment. 
Brent crude futures for February delivery stabilized at $72.09 a barrel at 9:04 am Makkah time, heading for a weekly loss of 1.21%.
Similarly, the US West Texas Intermediate (WTI) crude futures for January delivery were unchanged at $68.35 per barrel, with weekly gains of 0.41%.
OPEC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.
“Sidelining the surprise drawdown in US crude stockpiles last week and OPEC+ extending plans to ramp up output until September 2026, oil prices eased further amid growing concerns over dented global demand and oversupplied markets,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Oil drilling rigs
Oil prices kept flat on Friday despite OPEC+’s decision to push back the start of oil output rises by three months, which failed to boost market sentiment.
Brent crude futures for February delivery stabilized at $72.09 a barrel at 9:04 am Makkah time, heading for a weekly loss of 1.21%.
Similarly, the US West Texas Intermediate (WTI) crude futures for January delivery were unchanged at $68.35 per barrel, with weekly gains of 0.41%.
OPEC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.
“Sidelining the surprise drawdown in US crude stockpiles last week and OPEC+ extending plans to ramp up output until September 2026, oil prices eased further amid growing concerns over dented global demand and oversupplied markets,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
