(RTTNews) – Crude oil prices fell in trading on Friday, extending the decline seen over the past two sessions.
Crude oil for February delivery was last seen trading at $57.30, down $0.12 or 0.2 per cent, after halting its biggest annual decline since 2020 last year.
The modest decline in crude oil prices came as traders weighed concerns of possible oversupply against rising geopolitical tensions.
Given persistent supply concerns, traders are awaiting Sunday’s virtual meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) for guidance.
The group is expected to maintain its November decision to halt further production increases amid concerns over already oversupplied supplies in the global market.
On the geopolitical front, Russia claimed to have killed at least 24 people, including a child, in a drone strike on a hotel and cafe in the Russian-controlled part of Ukraine’s southern Kherson region during New Year celebrations. Ukraine says it does not target civilians.
Elsewhere, the US Treasury Department has imposed sanctions on four oil traders allegedly operating in Venezuela, as well as crude oil tankers allegedly linked to the so-called “shadow fleet”.
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