Oil declines toward second weekly loss

Oil drilling rigs

Oil prices fell on Friday, heading for a second straight weekly loss, as markets weighed the risk of a global supply surplus alongside efforts to reach a peace agreement between Russia and Ukraine.

Brent crude futures for February 2026 fell about 0.25%, or 15 cents, to $59.67 a barrel at 9:03 am KSA time.

US WTI futures for February 2026 — the most active contract — inched down 0.3%, or 16 cents, to $55.84 a barrel.

The US Energy Information Administration said in a report on its website that global crude oil production is expected to rise by 0.8 million barrels per day in 2026, with Brazil, Guyana and Argentina contributing about 0.4 million bpd of the projected growth.

Markets are also awaiting US oil and gas rig count data from Baker Hughes later on Friday for clues on US supply prospects.