Oil Set For Second Weekly Loss As Glut Concerns Mount

Oil prices inched lower on Friday and were on track for a second weekly loss as investors weighed the risk of a global surplus against concerns over Venezuelan supply disruptions.

Benchmark Brent crude futures slipped 0.2 percent to $59.73 a barrel while WTI crude futures were down 0.2 percent at $55.90.

Both contracts were down more than 2 percent for the week as concerns over a growing glut overshadowed potential supply disruptions stemming from Russia and Venezuela.

U.S. President Donald Trump on Thursday said the latest round of peace talks toward ending the war in Ukraine are “getting close to something”, emphasizing that both sides have made progress, though territorial disputes and security guarantees remain key sticking points.

European Union leaders have decided to borrow cash to fund Ukraine’s defense rather than use frozen Russian monies.

Rusia has urged the Trump administration not to make a “fatal mistake” on Venezuela, warning of unpredictable consequences for the Western Hemisphere.

In a statement, the Russian Foreign Ministry called on Washington to refrain from further escalating the situation.