Brent prices dip below $72.00

• Brent crude hits $71.75, marking 1% weekly decline
   
• OPEC+ delays supply hikes to stabilize markets
   
• Weak China demand, oversupply fears pressure prices
   
• Geopolitical risks add uncertainty to oil outlook
   
• Investors eye key US economic indicators

Oil prices remain volatile following OPEC+ decisions to delay production increase until April 2025.

OPEC+ is an alliance of the Organization of the Petroleum Exporting Countries (OPEC) and other major oil-producing nations, including Russia, formed to coordinate oil production policies and stabilize global oil markets.
 

Brent crude briefly dipped to $71.75 per barrel on Friday, marking a projected 1% weekly decline.

OPEC+, which accounts for nearly half of global oil production, postponed supply increases until April 2025, citing weakening demand - particularly from China - and rising production from non-OPEC producers.

The group aims to stabilize the market, but risks of internal disagreements and potential price wars remain.

Concerns about oversupply and subdued global demand are weighing on prices, with fears that Brent crude could fall further if these trends persist into 2025.

Additional uncertainties stem from geopolitical developments, including shifting U.S. trade policies, rising tariffs with China, and the potential impact of Trump 2.0 policies.

Investors are now closely watching key economic indicators, including the U.S. non-farm payrolls report and upcoming discussions on Chinese fiscal stimulus, which could provide insight into the recovery in demand.

As markets navigate these challenges, global economic signals will play a critical role in shaping the next phase of oil price movements.