Oil Posts Weekly Losses Amid Oversupply Concerns

Oil recorded notable weekly losses by the end of trading, as concerns over global oversupply continued to weigh on energy markets.

Oil prices fell about 4% over the week, reflecting growing investor caution regarding supply-demand balances.

The weaker performance followed lower settlement prices on Friday, with oil markets focused on the potential for excess supply alongside geopolitical developments that could ease some existing disruptions.

Global Supply Pressures

Analysts note that oil markets remain under pressure from abundant crude supplies, while largely overlooking certain geopolitical risks, including ongoing tensions between the United States and Venezuela.

Geopolitics and Market Volatility

In addition to oversupply concerns, traders are watching prospects for a peace agreement between Russia and Ukraine, which could stabilize or increase global supplies.

Meanwhile, worries over Venezuelan oil flows resurfaced after the United States announced the seizure of a sanctioned oil tanker, adding further volatility to the market.