Oil prices fell sharply on Friday with traders awaiting the crucial meeting of the Organization of Petroleum Exporting Countries and allies (collectively known as OPEC+) next week.
The OPEC+, originally scheduled to meet on November 26th, announced earlier this week that the meeting has been postponed to November 30th.
The meeting has been reportedly postponed as oil producers are struggling to come to a consensus on production levels.
West Texas Intermediate Crude oil futures for January ended lower by $1.56 or about 2% at $75.54 a barrel.
Brent crude futures settled at $80.58 a barrel today, down $0.84 or about 1% from the previous close.
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.
The OPEC+ group is widely expected to extend their current output cuts, but trader appear to have turned cautious due to the meeting postponement.
"While I wouldn't be entirely surprised to see leaks or comments over the weekend that still have an impact on the oil price on the open next week, the actual meeting now occurring Thursday could put traders' minds somewhat at ease," said Craig Erlam, senior market analyst at OANDA.
