Oil Ends Week Lower As Market Frets About Oversupply

1541 ET – Crude futures post back-to-back losses and end the week lower as persistent concerns about oversupply weigh and efforts toward a Russia-Ukraine peace deal subtract geopolitical premium. The week saw the IEA trim its surplus estimates, OPEC stick to its demand outlook, and a U.S. crude stock draw, while reaction to the U.S. seizing a sanctioned tanker off Venezuela was fairly muted. “The energy markets are continuing to see a sideways, bouncy trading range, with crude consolidating in very tight quarters,” Phil Flynn of the Price Futures Group says in a note. “It’s almost as if nothing can shake the oil market out of this trading range for those anticipating a glut.” WTI settles down 0.3% at $57.44 a barrel for a 4.4% loss on the week. Brent falls0.3% to $61,.12 a barrel, down 4.1% from a week ago. (anthony.harrup@wsj.com)

Oil Poised for Significant Weekly Loss on Oversupply Prospects

1356 GMT – Oil prices are broadly stable, but headed for a weekly loss of around 4% as investors focus on prospects of an oversupplied market and talks to end the war in Ukraine. Brent crude trades at $61.19 a barrel, while WTI is at $57.37 a barrel. “The end of the year is approaching, and it is becoming apparent that most energy prices will end the year with significant discounts,” analysts at Commerzbank say. “Even though the International Energy Agency expressed optimism about demand and pessimism about supply this week, the prospect of oversupply remains high and is likely to continue to weigh on prices.” (giulia.petroni@wsj.com)