Oil Posts Second Weekly Decline as Glut Concerns Dominate
(Bloomberg) — Oil declined for a second week as concerns over a growing glut outweighed geopolitical risks to supply.
West Texas Intermediate gained 0.9% to settle above $56 a barrel on Friday. Still, the US benchmark was still down over 1% in a week that saw it touch its lowest point in nearly half a decade. Prices saw some support after Ukraine hit an oil tanker connected to Russia’s shadow fleet in the Mediterranean Sea, a fresh escalation in a string of attacks on vessels aiding Moscow’s oil exports.
