Oil Updates – Brent retreats ahead of OPEC+ oil production decision

BEIJING: Brent crude futures edged down on Friday, extending losses from the previous session, as traders speculated on whether the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, would come to an agreement on further production cuts, according to Reuters. Brent crude futures inched down by 6 cents, or 0.07 percent, to $81.36 at 7:00 a.m. Saudi time, after settling down 0.7 percent in the previous session. US West Texas Intermediate crude slid 66 cents, or 0.86 percent, to $76.44, from its Wednesday close. There was no settlement for WTI on Thursday as it was a US public holiday. Both contracts are on track to mark their first weekly rise in five, supported by expectations that…