Oil Prices Decline for Third Week Amid Supply Glut and Global Tensions

Oil prices faced a third straight weekly loss as traders grew concerned about oversupply, with WTI trading at $57.54 per barrel and Brent settling at $61.29 per barrel. Factors such as US-China tariff issues, Middle East tensions, and increasing supply worries contributed to the decline.

The International Energy Agency (IEA) trimmed its demand forecast, predicting a surplus until 2026. Goldman Sachs forecasted further drops in Brent and WTI prices.

Additionally, recent geopolitical events involving Trump, Putin, Ukraine, Hungary, and the Gaza-Israel conflict added to market uncertainties.