Oil prices continued to fall on Friday and appeared to be headed for a sixth week of losses as OPEC+ countries' voluntary curbs in oil supply did not meet market expectations.

Brent crude slumped by 0.5%, to $80.47 per barrel, while US WTI dipped 0.3% to $75.73 per barrel.

WTI recovered some of its losses to trade somewhat higher than last Friday's level, but Brent prices were still trading below the close of last week.

WTI recovered some of its losses to trade somewhat higher than last Friday's level, but Brent prices were still trading below the close of last week.

With over 40% of the world's oil produced by OPEC+, production is being curtailed as prices have dropped from over $98 in late September due to supply surplus predictions and worries about slower economic development in 2024.

Brazil, the biggest nation in South America, also said on Thursday that it would join OPEC+ the following year, though this would not require it to reduce its output.