Crude oil futures ended sharply lower for a second day on Friday amid mounting skepticism over OPEC+ output cuts. Oil prices were weighed down by a lack of firm commitment to the 2.2 million barrel per day cut decided by the Organization of Petroleum Exporting Countries and its allies. Saudi Arabia has committed to extending its one million barrel cut until the end of March, and Russia has increased its export reduction from 300,000 to 500,000 barrels. There are concerns that OPEC+ might find it tough to follow through and reduce output, as the output cuts announced are voluntary and not mandatory.
Benchmark crude oil futures for January delivery fell $1.89 or about 2.5 percent to settle at $74.07 a barrel on the New York Mercantile Exchange. Brent crude for February delivery shed $1.98 or about 2.5 percent to settle at $78.88 a barrel on London's Intercontinental Exchange.
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