As analysts continue to forecast excess supply in 2025 despite OPEC+'s decision to postpone planned supply increases and extend sharp production cuts until the end of 2026, oil prices fell by 1% on Friday and are heading for a weekly loss.

American West Texas Intermediate crude oil futures fell 72 cents, or 1.05%, to $67.58 per barrel. Brent crude oil futures fell by 72 cents, or 1%, to $71.37 per barrel at 14:15 GMT. Brent was on the way to fall by 2.07%, while WTI was on the way to fall by 0.62%, over the week. According to Ole Hansen, head of commodity strategy at Saxo Bank, “Crude oil is trading lower for the third day in a row and this highlights what would have happened if OPEC+ had decided to continue