Oil Prices Experience Weekly Decline Exceeding 3% as Supply Concerns Diminish.

Baghdad: Oil prices fell at the end of trading on Friday, approaching a weekly loss of more than 3%, with concerns about supply damage due to the conflict between Israel and the Lebanese Hezbollah and the possibility of increasing supply during the next year receding despite expectations of extending OPEC+ production cuts. According to National Iraqi News Agency, Brent crude futures fell 34 cents, or 0.46%, to $72.94 a barrel at settlement, and US West Texas Intermediate crude futures fell 72 cents, or 1.05%, to $68 a barrel. Thursday was a holiday in the United States on the occasion of Thanksgiving. Brent crude futures fell 3.1% in a week, while it increased by 0.2% in November, while West Texas Intermediate crude fell 4.8% weekly and 1.2% monthly. The conflict in the Middle East has not disrupted oil supplies, which are expected to be more plentiful in 2025. The International Energy Agency expects a supply surplus of more than 1 million barrels per day, equivalent to more than 1 percent of global produc tion.