WTI crude oil for January delivery closed down US$0.10 to settle at US$58.55 per barrel, while January Brent oil, was last seen down US$0.04 to US$63.30.

The CME told traders its operations were affected by a cooling issue at a data center beginning Thursday evening, disrupting all electronic trading. Full service was resumed at 8:30 a.m. eastern time.

Aside from the outage, traders are looking at an over-supplied market ahead of Sunday's OPEC+ meeting, which is expected to leave January quotas unchanged following a third monthly production hike of 137,000 barrels per day coming Monday.

OPEC+'s monthly hikes, including the full return of 2.2-million bpd of production cuts to market in September, come as production in North and South America is also on the rise, with output now ahead of demand, pressuring prices.

"Crude prices are heading for their steepest run of monthly losses since 2023, pressured by rising supply from producers both outside-and increasingly inside-the OPEC+ group. This week's brief hope of a Russia-Ukraine peace deal also weighed on sentiment, though that prospect has since faded," Saxo Bank noted.

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