17.10.202518:45:40UTC+00WTI Crude Posts Third Weekly Loss

WTI crude oil futures experienced a slight increase of 0.1%, closing at $57.50 per barrel on Friday, despite recording a third straight week of decline and a nearly 3% weekly drop due to concerns over rising oversupply and persistent geopolitical uncertainties. The market's dynamics were influenced by the announcement of a forthcoming meeting between Presidents Trump and Putin within the next two weeks to address the ongoing war in Ukraine. This development comes in the wake of a temporary cease-fire in Gaza involving Israel and Hamas. In addition, President Zelenskyy held talks with Trump to request further military assistance, including long-range Tomahawk missiles. Concurrently, the U.S. has urged India and China to reduce their imports of Russian oil. Oversupply issues remain a significant concern, as the International Energy Agency predicts an increase in the global crude surplus by 2026, while U.S. stockpiles surged substantially last week. U.S. oil production soared to a record 13.636 million barrels per day, and traders reported a rise in demand for storage at major hubs, indicating expectations of continued oversupply.