Brent crude at $59.73 and West Texas Intermediate at $55.99. Oil prices fell in early trading on Friday and are on track for a second consecutive weekly decline, after the growing prospect of a peace deal between Russia and Ukraine offset concerns about supply disruptions caused by the blockade of Venezuelan oil tankers.
Brent crude futures fell 9 cents, or 0.2 percent, to $59.73 a barrel, while U.S. West Texas Intermediate crude futures dropped 16 cents, or 0.3 percent, to $55.99 a barrel. On a weekly basis, both benchmarks declined by more than 2 percent.
Almost all major traders in the world believe that the market will enter a state of oversupply at the beginning of next year.
Oil has lost about a fifth of its value this year as the OPEC+ alliance returned to increasing production at a faster pace than expected, along with increased output from other producers, while demand remained weak.
