WTI Crude Posts Third Weekly Loss

WTI crude oil futures edged up 0.1% to settle at $57.50 per barrel on Friday, marking a third consecutive weekly decline and a near 3% weekly loss amid rising oversupply concerns and ongoing geopolitical uncertainty.

The market was shaped by news that Presidents Trump and Putin plan to meet within two weeks to discuss the war in Ukraine, following a temporary cease-fire in Gaza between Israel and Hamas.

President Zelenskyy also met with Trump to seek additional military support, including long-range Tomahawk missiles, while Washington pressed India and China to limit Russian oil imports.

Oversupply worries remained prominent, with the International Energy Agency projecting a growing global crude glut in 2026 and US inventories rising sharply last week.

U.S. production reached a record 13.636 million bpd, and traders reported surging bids for storage at key hubs, signaling expectations of continued oversupply.