Crude set for second weekly loss as supply glut weighs on market

Oil prices fell on Friday and were poised for a second straight weekly decline as a potential supply glut and prospects of a Russia-Ukraine peace deal offset concern over disruptions from a blockade of Venezuelan oil tankers.

Brent crude futures lost 17 cents, or 0.28 per cent, to $59.65 a barrel by 09:15 GMT while US West Texas Intermediate crude was down 31 cents, or 0.55 per cent, at $55.84. On a weekly basis, the Brent and WTI benchmarks were down 2.4 per cent and 2.8 per cent respectively.