What happened
Crude oil futures declined for a second consecutive week, according to market reporting from The Wall Street Journal. Traders assessed several overlapping factors driving the losses.
The International Energy Agency’s outlook for a global supply surplus weighed on prices. At the same time, continued disruptions to oil shipments from the Middle East created uncertainty in physical markets.
Expectations for a negotiated settlement between the United States and Iran also cooled, removing a potential source of additional supply that had previously influenced trading sentiment.
