Oil prices were headed for a weekly loss of more than 2%, as concerns about a looming supply glut outweighed geopolitical risks.
In early trading, Brent crude and WTI both fell 0.2% to $59.69 per barrel and $55.90 per barrel, respectively. Crude has fallen 20% this year on prospects of a looming global oversupply and subdued demand.
Indexes rose in the previous session due to growing tensions between the United States and Venezuela after the Trump administration announced a blockade of all sanctioned oil tankers entering or leaving the country.
