Oil prices closed slightly higher on Friday, but recorded a weekly loss of nearly 3%, as geopolitical risks receded and concerns about global oversupply increased.
Brent crude rose 23 cents, or 0.38%, to $61.29 a barrel at settlement, while US West Texas Intermediate crude rose eight cents, or 0.14%, to $57.54.
The weekly losses were driven by the International Energy Agency’s expectations of an increase in supply over the course of 2026, in addition to a decline in political tensions after US President Donald Trump and Russian Vladimir Putin agreed to hold a new summit to discuss the war in Ukraine, and the continuation of the truce in Gaza.
Phil Flynn, an analyst at Price Futures Group, said: “The markets are witnessing a decline in the level of risks with signs of calm in the Middle East and Ukraine, which is putting pressure on prices.”
