Oil Poised for Weekly Loss on Oversupply Fears

Group 1 - Oil prices are experiencing a weekly loss of over 2% due to concerns about a potential supply surplus outweighing geopolitical risks [1] - Brent crude and WTI prices fell by 0.2% to $59.69 and $55.90 per barrel, respectively, in early trading [1] - Crude oil prices have decreased by 20% this year, driven by expectations of a global supply glut and subdued demand [1] Group 2 - Previous session saw a rise in oil benchmarks due to escalating tensions between the U.S. and Venezuela following the Trump administration's blockade of sanctioned tankers [2]