NEW YORK: Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium, but prices notched their first week of gains in over a month ahead of next week’s Opec+ meeting to decide on production cuts in 2024.

Brent crude futures settled down 84 cents, or 1%, at US$80.58 a barrel, while US West Texas Intermediate crude fell US$1.56, or 2%, from Wednesday’s close to US$75.54. There was no settlement for WTI on Thursday owing to the US Thanksgiving holiday.