Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.

Oil prices continued to trade in a tight range despite OPEC+'s decision to push back a series of supply increases amid growing concerns over weaker demand and a looming supply surplus. Crude benchmarks Brent and WTI were both down 0.

The Organization of the Petroleum Exporting Countries and its allies will further push back an oil production increase planned for January by three months amid softer prices and market concerns of an impending glut.