Oil Futures End Down Week on Up Note

1523 ET – Crude futures settle higher on the day, but down in a week marked by geopolitical themes around Venezuela and Russia-Ukraine, while underlying concerns about oversupply keep sentiment bearish. “Crude futures remain in a holding trading pattern awaiting news of both Russia/Ukraine talks (that currently seemed stalled) and exactly how Venezuela’s blockade is going to play out,” Dennis Kissler of BOK Financial BOKF 0.55%increase; green up pointing triangle says in a note. Those are support points, although “the reality remains that global supplies are well over the 5-year averages and on-the-water storage sets at record levels.” WTI for January delivery goes off the board at $56.66 a barrel, up 0.9% for a 1.4% weekly loss. Brent rises 1.1% to $60.47,and is 1.1% lower on the week. (anthony.harrup@wsj.com)

Oil Futures Rise in Early U.S. Trade

0911 ET – Oil futures are higher with the market balancing Venezuelan supply risk against prospects for an end to the Russia-Ukraine war and expectations of large oversupply next year. “We still view the potential loss of Venezuelan supply as modest especially in comparison with the potential adjustments in future global crude supply if a Ukraine/Russian agreement is achieved,” Ritterbusch and Associates says in a note. But the firm sees it likely the war will extend well into 2026. “The overall market tone across the complex still looks cautiously bullish.” The WTI January contract is up 0.9% at $56.66 a barrel ahead of today’s expiration. Brent gains 0.9% to $60.34. (anthony.harrup@wsj.com)