Oil prices were steady on Friday after sharp losses in the previous session, but both major benchmarks are still on track for a second straight weekly decline.
Brent crude futures rose just 3 cents, or 0.04%, to $67.55 a barrel. This comes after a 2.7% drop in the prior session. U.S. West Texas Intermediate (WTI) crude gained 1 cent, or 0.02%, to $62.85, following a 2.8% fall a day earlier, according to Reuters.
The recent weakness in prices comes as concerns over a possible Middle East conflict have eased, reducing fears of supply disruptions. At the same time, expectations are growing that global oil supply could exceed demand later this year, putting additional pressure on prices.
For the week, Brent is heading toward a 0.8% decline, while WTI is set to post a larger weekly loss of about 1.1%.
In short, while prices found some stability on Friday, the broader trend still points to softness as supply outlooks outweigh geopolitical risk — at least for now.
