Oil Faces Second Weekly Decline Amid Growing Glut Concerns

Oil prices are on track for a second consecutive weekly decline, driven by concerns over a growing supply glut. Brent crude is trading below $60 per barrel, down more than 2% for the week, while West Texas Intermediate is hovering around $56 per barrel. Traders and analysts, including industry leader Trafigura, are forecasting an oversupplied market heading into 2026, with the Brent benchmark expected to remain in the $50 range until mid-2026.