oil prices declined on Friday as investors had a bearish outlook on future crude oil prices.

Iraqi Prime Minister Adel Abdul Mahdi said Friday that he would submit his resignation to the parliament in response to anti-government protests and demand by the Shiite religious leadership.

Investors believed his resignation could lead to an end of the ongoing protests in the country as well as oil production disruption. An oil output increase in Iraq is bearish for prices.

The West Texas Intermediate for January delivery decreased 2.94 U.S. dollars to settle at 55.17 dollars a barrel on the New York Mercantile Exchange.

(ASIA PACIFIC DAILY)