Crude oil futures ended lower on Friday weighed down by prospects of excess supply in the market despite OPEC+'s decision to delay planned output increases till April 2025 and extend production cuts until the end of 2026. Concerns about the outlook for oil demand from China weighed as well on prices. Meanwhile, investors await a key Chinese economic policy meeting next week, where China's top leaders may discuss economic targets and additional stimulus plans for 2025.
Benchmark crude oil futures for January delivery fell by $1.10 or about 1.61 percent to settle at $67.20 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $0.97 or about 1.35 percent to settle at $71.12 a barrel on London's Intercontinental Exchange.