Oil headed for a third weekly loss after a slew of signs pointing to an oversupply, including a forecast from the International Energy Agency for a record surplus next year.
West Texas Intermediate steadied below $59 a barrel, down by more than 1% this week, while Brent closed near $63. On Thursday, the IEA again raised its estimates for a glut as OPEC+ continues to revive supplies and demand growth remains subdued. The day before, the producer group said that global crude output had topped demand in the third quarter, revising its view from a shortfall.
Offsetting some of the market's headwinds is the risk to supplies from US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC. With days to go until the curbs fully kick in, the trading business of Lukoil has began shedding staff, and Reuters reported that Carlyle Group Inc. was in the early stages of exploring options to buy its overseas assets.
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Prices:
WTI for December delivery added 0.3% to $58.87 a barrel at 7:23 a.m. in Singapore.
Brent for January settlement closed 0.5% higher at $63.01 a barrel on Thursday
Source: Bloomberg
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