Prices were also tracking toward a second straight weekly decline, reinforcing concerns that fundamentals remain pressured.
At 12:15 GMT, Light Crude Oil futures are trading $56.22, up $0.22 or +0.39%.
Crude Oil News Today: Supply Glut Expectations Dominate Sentiment
Benchmarks were little changed in early Friday dealings, with Brent and WTI down 2.1% and 2.3% respectively for the week. Traders focused heavily on projections for a global oversupply next year as output from OPEC+, the United States, and other producers increases.
Saxo Bank’s Ole Hansen noted that prices holding near current levels reflect a market “awash with oil,” suggesting that available supply is sufficient to absorb potential disruptions elsewhere.
Are Geopolitical Risks Losing Their Influence on Oil Prices Projections?
The tension surrounding Venezuelan tanker movements—normally a source of upward pressure—offered limited support. Analysts said uncertainty about how the United States will enforce President Donald Trump’s directive to block sanctioned vessels reduced the geopolitical premium.
Venezuela, responsible for roughly 1% of global supply, allowed two unsanctioned cargoes to depart for China this week, softening the perceived threat to exports. At the same time, growing optimism regarding a U.S.-led Ukraine peace initiative further eased supply risk concerns, limiting upside momentum.
