Posted inMarkets, Commodities, Economy, Energy, News

Oil prices fall on supply disruption concerns

Oil prices are headed for weekly losses amid uncertainty regarding changes to production outputs from Libya and OPEC+ nations.

Crude
Credit: Shutterstock

Oil prices eased for a third day on Friday and were on track to experience weekly losses, as Libya and OPEC+ are expected to increase production.

Brent crude futures fell 0.28%, to $71.40 per barrel as of 04:33 GMT, while U.S. West Texas Intermediate crude futures were down 0.21%, to $67.53. On a weekly basis, Brent crude was set to fall 4%, while WTI was expected to experience a reduction of 6%.

The fall in prices followed reports that OPEC+ nations have agreed to increase production from December 2024. The production is set to increase by roughly 180,000 b/d each month in the fourth quarter of 2024 and then by 210,000 b/d each month in the first nine months of 2025, according to Reuters.

Meanwhile, representatives of Libya’s rival Eastern and Western legislative bodies have signed an agreement on Thursday to end a crisis over the leadership of the central bank.

The dispute was the main cause of the oil production halts in the country’s Eastern regions, with production now expected to resume.