Oil headed for a third weekly decline as investors focused on supply and the fallout of renewed US-China trade tensions.
West Texas Intermediate traded above $57 a barrel and is on track for a 2.4% weekly drop, while Brent settled near $61. US President Donald Trump said he would hold a second meeting with Russian President Vladimir Putin "within two weeks or so" aimed at ending the war in Ukraine, raising the prospect that an increase of barrels from the OPEC+ member will exacerbate a global gut.
Oil is set to notch its longest weekly losing streak since March, as investors look to rising trade tensions between China and the US that could hurt global economic growth and energy demand in the two biggest crude consumers.
Meanwhile, forecasts for a glut have become more prominent after the International Energy Agency earlier this week raised its estimate of global oversupply next year by almost a fifth.
Source: Bloomberg
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