Oil prices declined on Friday as concerns over large supplies and declining demand surpassed expectations that the year’s first interest rate cut by the US Federal Reserve would trigger more consumption. Brent crude futures fell 76 cents or over 1.1 per cent, to settle at 66 dollars and 68 cents per barrel, while WTI Crude futures lost 89 cents or 1.4 per cent, to close at 62 dollars and 68 cents per barrel. For the week, Brent crude futures decreased 31 cents and WTI Crude futures dipped one cent. OPEC+ has decided to increase oil production, surprising many given the soft outlook for oil prices, and potentially reversing earlier production cuts sooner than expected.