Business · Energy & Commodities · 2 hrs ago
Oil posts a second straight weekly loss amid supply surplus concerns
Oil prices recorded a second weekly loss as traders weighed signs of a growing global supply surplus.
On Friday, Brent crude settled at $95.84 a barrel, while US West Texas Intermediate crude settled at $88.56.
Both benchmarks fell about 2.5% during the week, after dropping 16% and 13% respectively the previous week.
The shift comes as concerns about supply shortages have eased and the International Energy Agency signalled a larger global surplus.
Rising US oil and fuel inventories point to weaker demand, alongside higher imports.
The US is maintaining its blockade of Iran amid a war that has lasted nine months, while the two countries' negotiating positions remain unchanged.
Risks to oil shipments through the Strait of Hormuz remain, though no next steps for prices or negotiations were stated.
Oil prices recorded a second consecutive weekly loss amid signs of a growing global supply surplus.
On Friday, Brent futures settled up 0.02% at $95.84 a barrel, while US West Texas Intermediate fell 0.20% to $88.56.
Both benchmarks fell about 2.5% over the week, after dropping 16% and 13% respectively the previous week.
An International Energy Agency report issued Friday pointed to a rising global oil supply surplus.
Analysts also cited signs of weaker US demand and higher crude and fuel inventories.
- Who
- Oil traders and analysts, including Phil Flynn, Andrew Lipow and Sugandha Sachdeva.
- What
- Oil prices posted a second consecutive weekly loss amid concerns about a growing global supply surplus.
- When
- Friday, November 13, 2026, at settlement; prices fell about 2.5% over the week.
- Where
- Global oil markets; the US inventories discussed were national.
- Why
- Sources cite signs of a growing global supply surplus and weaker US demand. Geopolitical risks and concerns about oil shipments through the Strait of Hormuz also affected the market.
This story does not have two clearly opposing sides.
Brent and WTI fell 16% and 13%, respectively.
The US Energy Information Administration said US crude and fuel inventories rose the previous week.
Brent settled at $95.84 a barrel and WTI at $88.56, while both benchmarks recorded a second consecutive weekly loss.
An International Energy Agency report pointed to a rise in the global oil supply surplus.
- Brent settlement
- $95.84 per barrel
- WTI settlement
- $88.56 per barrel
- Weekly decline
- About 2.5% for both benchmarks
- Previous week’s falls
- Brent 16%; WTI 13%
- US inventories
- Crude oil and fuel stocks rose the previous week
- Strait of Hormuz
- A vital waterway for crude exports from major Middle Eastern producers
4 sources
النفط يسجل خسائر أسبوعية للمرة الثانية توالياً وسط مخاوف فائض المعروض
النفط يسجل ثاني انخفاض أسبوعي على التوالي وسط مؤشرات على تزايد فائض المعروض
Oil prices set for second straight weekly decline on growing signs of supply surplus
What people are saying
Clearly, the market’s biggest concern a few months ago was a supply shortage. Now, it seems the biggest concern is a supply surplus.
The oil market is torn between increased supplies coming from the Middle East and no change in the negotiating positions of the United States and Iran, which refuses to allow nuclear energy inspectors into its territory.
The decline in oil prices is due in large part to signs of weakening demand in the United States, as rising crude oil and fuel inventories point to expectations of relatively weak consumption.
Reaching an agreement with Iran is not necessary to end the war.