Brent down 0.1, WTI steady
Even with OPEC restraint, analysts see oil oversupplied in 2025
Market on watch for US payrolls data impact on rate cut outlook

Dec 6 Reuters Oil prices dipped on Friday, with weak demand in focus after the OPEC group postponed planned supply increases and extended deep output cuts to the end of 2026.

Brent crude futures fell 21 cents, or 0.3, to 71.88 per barrel by 0716 GMT. U.S. West Texas Intermediate crude futures lost 15 cents, or 0.2, to 68.15 per barrel.

For the week, Brent was on track to drop more than 1, while WTI hung on to a marginal 0.1 gain.

The Organization of the Petroleum Exporting Countries and its allies on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.

The group, known as OPEC and responsible for about half of the world39;s oil output, was planning to start unwinding cuts from October 2024, but a slowdown in global demand  especially in China  and rising output elsewhere have forced it to postpone the plan several times.

Sidelining the surprise drawdown in U.S. crude stockpiles last week and OPEC extending plans to ramp up output until September 2026, oil prices eased further amid growing concerns over dented global demand and oversupplied markets, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Concerns that supply will still outstrip demand going into next year weighed on prices further….