Oil Set for Second Weekly Drop

2025-12-19 01:10 By Kyrie Dichosa 1 min. read

WTI crude oil futures increased to around $56.4 per barrel on Friday, but were on track for a second straight weekly decline, as oversupply concerns outweighed geopolitical risks.

Prices earlier this week fell to their lowest level in nearly five years, driven by expectations of ample supply as OPEC+ gradually restores shut-in capacity and non-OPEC producers boost output.

Early signs of demand weakness are also emerging among major consumers, including China and the US, leaving oil down about 20% for the year.

Rising geopolitical tensions have tempered losses, sparking fears of potential supply disruptions.

The US has suspended all maritime activity involving sanctioned oil tankers linked to Venezuela after seizing a blacklisted vessel last week and is also moving to tighten sanctions on Russia’s energy sector to support Ukraine peace efforts.

The UK has likewise imposed sanctions on three smaller Russian oil producers.



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