Oil Prices Post Weekly Losses Amid Oversupply Concerns

Oil prices edged lower at settlement on Friday, extending oil prices weekly losses as markets remained focused on concerns about global oversupply.

The cautious mood was reinforced by speculation over a potential peace agreement between Russia and Ukraine, alongside worries about possible disruptions to Venezuelan oil supplies.

Brent crude futures slipped slightly to settle near $61 per barrel, while US crude futures closed below $58 per barrel.

These modest moves highlight the uncertainty still surrounding the near-term direction of oil prices.

Energy analysts noted that some supportive factors remain in place, including rising tensions between the United States and Venezuela, as well as Ukrainian drone attacks on Russian oil infrastructure in the Caspian Sea, which have helped limit sharper declines.

At the same time, recent data showed that Russia’s seaborne exports of petroleum products declined only marginally in November, as completed refinery maintenance offset weaker shipments through southern routes.

Reports of Iran seizing a tanker carrying smuggled fuel in the Gulf of Oman also added to supply-related concerns.

On a weekly basis, oil prices fell by more than 4% amid persistent market uncertainty and diverging outlooks on supply-demand balances, with OPEC projecting near parity by 2026 while other agencies warn of continued oversupply.