Oil prices slipped on Friday in quiet trade with the U.S. Thanksgiving holiday l...
TOKYO - Oil prices slipped on Friday in quiet trade with the U.S. Thanksgiving holiday limiting activity, while investors awaited a meeting of OPEC and its allies next week that may result in the extension of an output cut agreement to support the market.
Brent crude futures LCOc1 declined 28 cents, or 0.4%, at $63.59 a barrel by 0547 GMT. Brent futures are set for a slight gain of 0.3% for the week, the fourth weekly increase, during which prices have climbed 3.1%.For the week, WTI is set to gain 0.4%, the fourth weekly increase, during which prices have risen 3.2%.
The group has agreed to cut its output by 1.2 million barrels per day through to March to support prices and analysts expect the agreement to be extended as U.S. production keeps hitting records. Russian oil companies proposed on Thursday not to change their output quotas, putting pressure on OPEC+ to avoid any major shift in the policy when the group meets in Vienna on Dec. 5-6.
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