Oil plunged on Friday, Investors considered indications of imminent interest rate cuts in both the United States and Europe in contrast to the probability of a relatively high global supply for the year.

Brent crude dipped 0.54% at $82.51 per barrel, while US WTI dropped 0.66%, at $78.41, It traded at a level exceeding $1 above Thursday's closing price earlier in the session.

The benchmarks are poised for a weekly decline, with Brent facing a 1.29% decrease from the previous Friday, and WTI experiencing a 1.95% drop. Despite this, both have maintained a relatively stable range over the past month, fluctuating between $81.50 and $84 for Brent and $76-80 for WTI.

According to the head of the International Energy Agency's (IEA) oil markets and industry division, the agency anticipates a well-supplied market in 2024, with the slowdown in demand growth potentially acting as a limiting factor on prices.

Oil markets also focused on indications regarding the potential timing of interest rate cuts in both the United States and the European Union.