.jpg)
1 hour ago
3
Article content
(Bloomberg) — Oil headed for the first back-to-back weekly drop this year on a risk-off tone in wider markets, concerns about a global crude glut, and the prospect of drawn out US-Iran talks over a nuclear deal.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
West Texas Intermediate steadied below $63 a barrel, after losing almost 3% on Thursday, while Brent was above $67. Asian stocks fell on Friday after fresh losses on Wall Street and across commodities.
Article content
Article content
Article content
On Iran, US President Donald Trump said he could see negotiations stretching for as long as a month, reducing the possibility of military action in the near term that could upset supplies. For now, the US leader is seeking a diplomatic agreement to roll back the OPEC member’s nuclear ambitions.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The International Energy Agency, meanwhile, reiterated that there would be a glut of just over 3.7 million barrels a day in 2026, which would be a record in annual average terms. Global stockpiles expanded last year at the strongest pace since the 2020 pandemic, the agency added in a monthly report.
Article content
Oil’s sequential weekly declines stand to snap a long run of gains in early 2026, with the earlier advance supported by recurrent bouts of geopolitical tension, including the US stand-off with Iran. At an energy conference in London this week, attendees have flagged that they expect worldwide supplies to top demand this year, potentially feeding into higher inventories in the Atlantic basin, the region where global prices are set.
Article content
In Venezuela, Caracas plans to grant more oil-production land to Chevron Corp. and Repsol SA, according to people with knowledge of the matter, potentially supporting growth in supply after the US intervention in January. Separately, Interior Secretary Doug Burgum said Washington, in coordination with Venezuela, would sell the country’s oil to China at global prices.
Article content
Advertisement 1
English (US)