Oil Ends Today's Trading Lower but Achieves Weekly Gains

Oil prices fell today, Friday, as the geopolitical risk premium diminished following the release of some hostages in Gaza. However, prices recorded weekly gains for the first time in more than a month ahead of next week's OPEC+ meeting to decide on production cuts for 2024. The settlement price for Brent crude futures fell by 84 cents, equivalent to one percent, to $80.58 per barrel, while West Texas Intermediate crude dropped $1.56, or two percent, from Wednesday's close at $75.54. There was no settlement for West Texas Intermediate crude yesterday, Thursday, due to the Thanksgiving holiday in the United States. The first group of hostages released from captivity in Gaza returned to Israel today, marking the first day of a four-day ceasefire during which more hostages are expected to be freed in exchange for Palestinian detainees. John Kilduff, a partner at Again Capital in New York, stated, "It was important for them to proceed in order to lower the risk premium."