Crude-oil futures were about $1 lower and appeared likely to end the session with a weekly loss as traders remained unmoved by a decision by OPEC+ to extend the production cuts through the first quarter.
The Nymex January West Texas Intermediate contract was off about $1 to $67.30/bbl on Friday and the February WTI contract was 95cts lower at $67/bbl.
London-based Brent crude for February delivery was down 90cts to $71.15/bbl and March Brent was off 85cts to $70.80/bbl.
Both crude benchmarks are on course to settle 50cts to a $1 below where they ended on Nov. 29.
OPEC and allied producers on Thursday said they would extend production cuts of 2.2 million b/d through March and plan to unwind all output curbs between then and September 2026.
The gradual rollback of output reductions, which had been set to start in October and run through September 2025, had already been delayed twice. The oil group accounts for more than half of all global crude output.
Refined product futures tracked crude prices lower, and, like crude contracts, were set to close lower for a third straight day.
The Nymex January RBOB contract was down 2.7cts to $1.9055/gal, and February RBOB was 2.45cts lower at $1.915/gal. The Nymex January ULSD contract was off 2.45cts to $2.1315cts and February ULSD was down about as much to $2.1375/gal.
Dollar gains following a mixed U.S. jobs report also weighed on oil contracts. Labor Department data showed U.S. job growth rose in November, while the unemployment rate edged higher.
Still, geopolitical tensions should provide some level of support for petroleum futures. Syrian rebels are approaching Homs, a major city and a strategically important stronghold for Damascus and its close ally Iran, threatening President Bashar al-Assad's forces.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
12-06-24 1244ET
