Oil Heads for Second Weekly Decline as Glut Concerns Dominate
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Oil headed for a second weekly decline as concerns over a growing glut outweighed potential supply disruptions. Brent was below $60 a barrel and was down more than 2% for the week while West Texas Intermediate traded near $56 a barrel. Virtually all of the world’s biggest traders see the market in a state of oversupply early next year, with industry heavyweight Trafigura forecasting the Brent benchmark will be in the $50s through the middle of 2026.