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.
