(RTTNews) - Crude oil prices have edged lower during trading on Friday, extending the pullback seen over the two previous sessions.
After capping its biggest annual drop since 2020 last year, crude for February delivery was last seen trading at $57.30, down $0.12 or 0.2 percent.
The modest decrease by the price of crude oil comes as traders weighed potential oversupply concerns against escalating geopolitical tensions.
Traders await Sunday's virtual meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) for direction, given persistent supply concerns.
It is expected that the group will uphold November's decision to pause further production increases amid concerns that theglobal marketis already slipping into oversupply.
On the geopolitical front, Russia claimed that Ukraine has killed at least 24 people, including a child, in a drone attack on a hotel and cafe in a Russian-controlled part of Ukraine's southern Kherson region during New Year's celebrations. Ukraine maintained it does not target civilians.
Elsewhere, the U.S. Treasury Department has reportedly imposed sanctions on four oil traders operating in Venezuela as well as associated crude tankers allegedly part of a so-called "shadow fleet."
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