Crude oil futures ended sharply lower on Friday as traders awaited meeting of the Organization of Petroleum Exporting Countries and allies (collectively known as OPEC+) next week. OPEC+, originally scheduled to meet on November 26th, announced earlier this week that the meeting has been postponed to November 30th. The meeting has reportedly been postponed as oil producers are struggling to come to a consensus on production levels. Besides, slightly easing geopolitical concerns following the release of some hostages in Gaza eased concerns about supply interruptions and contributed a bit to the drop in oil prices.
Benchmark crude oil futures for January delivery fell $1.56 or about 2 percent to settle at $75.54 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $0.84 or nearly 1 percent to settle at $80.58 a barrel on London's Intercontinental Exchange.
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