Oil futures fell markedly, losing about 4.5% for the week.

WASHINGTON (dpa-AFX) – Despite expectations that OPEC+ will delay production increases, oil futures fell on Friday as the group announced that their meeting, originally scheduled for December 1, has been postponed to December 5.

Traders continued to monitor developments on the geopolitical front. Israel and Hezbollah trade accusations of violating the ceasefire agreement.

January West Texas Intermediate crude oil futures closed down $0.72, or about 1.1%, at $68.00 a barrel. WTI oil futures lost about 4.5% over the week.

Brent crude futures traded at $72.94 a barrel, down $0.34 or about 0.46%. Brent oil lost almost 3% over the week.

The oil cartel, which includes Saudi Arabia and Russia, is expected to decide on a further extension of production cuts at its upcoming meeting after considering uncertainties around weather, demand and geopolitics.

Russia has launched a series of attacks on Ukraine’s energy infrastructure, exacerbating the energy crisis throughout the country.

Ukrainian President Volodymyr Zelensky condemned Russia’s actions as a “despicable escalation,” highlighting the use of cluster munition cruise missiles.