Oil rises by over 2% on Friday

WTI crude futures climbed more than 2% to around $60 per barrel on Friday, on track to snap a two-week losing streak, supported by supply risks linked to upcoming US sanctions.

Lukoil PJSC has begun cutting staff across its global oil trading operations just days before the measures take effect, marking one of the earliest visible impacts of sanctions set to start on November 21.

Analysts also noted that nearly a third of Russia’s seaborne oil exports may be stuck in tankers due to rerouting and slower unloading, a situation worsened by India and China suspending purchases of Russian crude.

Still, bearish pressure persisted as the IEA warned of a growing oil glut, with supply expected to exceed demand by 2.4 million barrels per day this year and 4 million next, while also projecting consumption growth through 2050.

OPEC reported a Q3 surplus, and higher US output alongside another inventory build further deepened oversupply concerns.