WASHINGTON (dpa-AFX) – Despite expectations that OPEC+ will delay production increases, oil futures fell on Friday as the group announced that its meeting, originally scheduled for December 1, was postponed to December 5.

Investors continued to follow developments on the geopolitical front. Israel and Hezbollah are accused of violating the ceasefire agreement.

January West Texas Intermediate crude oil futures closed at $68.00 a barrel, down $0.72, or about 1.1%. WTI crude oil futures fell about 4.5% for the week.

Brent crude futures fell $0.34, or about 0.46%, to $72.94 a barrel. Brent crude lost nearly 3% for the week.

The oil cartel, including Saudi Arabia and Russia, is expected to decide to further extend production cuts at the next meeting after evaluating uncertainties about weather, demand and geopolitics.

Russia has launched a series of attacks on Ukraine’s energy infrastructure, worsening the country’s energy crisis.

Ukrainian President Volodymyr Zelenskiy underlined that cruise missiles were used together with cluster bombs and condemned Russia’s actions as a “despicable escalation”.

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