NY oil prices fall 4.55% this week on easing Middle East tensions

Easing tensions in the Middle East sent New York oil prices down more than 1% on the last trading day of November, reflecting dampened investor sentiment.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery closed at $68 a barrel, down 1.05% from the previous session, and this week's fall extended to 4.55% as it fell for four consecutive trading days.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $72.94 a barrel, down 0.46% from the previous session, showing a 2.97% drop this week.

Downward pressure on oil prices continues as military tensions in the Middle East ease, and crude oil market volumes have also declined as the U.S. enters the holiday for Thanksgiving, the biggest holiday of the year.

Analysts also say the OPEC+, a consultative body between the Organization of Petroleum Exporting Countries and major oil producers, has postponed its policy meeting to Dec. 5 to resume plans to increase production gradually because supply has outpaced demand.