Oil Notches Second Weekly Loss Amid Sanctions, Looming Surplus

Oil storage tanks. Bloomberg Source: Bloomberg Oil rose on Friday but still notched a second weekly loss as the market continued to weigh the threat to output from sanctions on Russia against a looming oversupply. West Texas Intermediate futures rose around 0.5% to settle below $60 a barrel, but were still down for the week. Adding to fears of a glut, oil prices have also been buffeted by swings in equity markets this week. Most Read from Bloomberg Meanwhile, the White House’s move to clamp down on the ...