Oil prices fall over 1% on supply glut fears

Brent crude futures settled at US$71.12 a barrel, shedding 97 cents, or 1.4%. US West Texas Intermediate crude futures settled at US$67.20 a barrel, falling US$1.10, or 1.6%.

NEW YORK: Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an Opec+ decision to delay output hikes and extend deep production cuts to the end of 2026.

Brent crude futures settled at US$71.12 a barrel, shedding 97 cents, or 1.4%. US West Texas Intermediate crude futures settled at US$67.20 a barrel, falling US$1.10, or 1.6%.