Oil Closes Lower to Reduce its Weekly Gains

Oil prices declined on Friday, amid expectations that major crude producers forming the OPEC+ alliance could decide to raise output next month.

The fall in oil prices comes despite the continuity of cold weather conditions, due to a strong winter storm that led to the shutdown of major oil facilities, as it is expected that production will soon resume at normal capacities.

Brent crude futures for April delivery lost $1.02, or 1.6%, to close the week at $62.91 per barrel, registering a weekly rise of 0.8%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery closed lower by $1.27, or 2.1%, at $59.26 per barrel, turning to a weekly loss of 0.4%.

This is the first time for the American benchmark crude contracts to close below $60 in three sessions. A level that it reached at Tuesday’s close for the first time since January 2020.