Oil futures mark back-to-back losses with traders skeptical of OPEC+ output cuts

Oil futures finished lower on Friday for a second session in a row. Traders looked to a decision by OPEC+ to cut production further in the first quarter with skepticism. “It seems traders either aren’t buying that members will be compliant or don’t view it as being sufficient,” said Craig Erlam, senior market analyst at OANDA. It could also be that the “lack of formal commitment hints at fractures within the alliance, which could impact its ability to hit its targets, let alone cut further if necessary.” January West Texas Intermediate crude
fell $1.89, or 2.5%, to settle at $74.07 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract fell nearly 2% for the week, according to Dow Jones Market Data.

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