Oil extended losses on Friday with West Texas Intermediate (WTI) plummeting 5% ahead of OPEC+ meeting in Vienna. According to reports, the cartel and other major producers are expected to agree to prolong current output cuts. However, Russia’s Energy Minister Alexander Novak stressed that his country would prefer the decision on the potential extension of the cuts to be made closer to April as current cuts are set to expire in March 2020. Meanwhile, investors also digested Iraqi Prime Minister Adil Abdul Mahdi’s decision to step down, which some believe will lead to the end of protests in the Middle Eastern country. WTI for settlements in January plunged 5.09% to sell for $55.28 per barrel at 12:25 pm ET, while international benchmark Brent for January delivery dropped 2.18% to go for $62.48 per barrel at 12:31 pm ET.