US West Texas Intermediate (WTI) crude oil prices remained under selling pressure for the third straight day on Friday and traded near the lower end of the weekly range, around the $67.80 region during the Asian session.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, on Thursday delayed a planned supply increase by three months to April and extended a full halt to cuts by one year to the end of 2026. The announcements indicated that the cartel is concerned about a potential supply glut and slowdown in global demand, especially in China – the world's largest oil importer. This, in turn, is seen as a major factor weighing on the black liquid.
Meanwhile, the worsening Russia-Ukraine conflict and rising tensions in the Middle East keep geopolitical risks top of mind. Further, signs of resilience in the US economy, coupled with hopes that US President-elect Donald Trump's expansionary policies will boost fuel demand, could act as a tailwind for Crude Oil prices.
Traders may also refrain from placing aggressive directional bets and opt to wait for the release of the key US Nonfarm Payrolls (NFP) report.
Source: FXStreet
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