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 fell 0.2% to $59.69 a barrel and $55.90 a barrel, respectively. Crude oil has fallen 20% this year on prospects of an imminent global oversupply and subdued demand.
Benchmarks rose in the previous session due to rising tensions between the United States and Venezuela after the Trump administration announced a blockade of all sanctioned oil tankers in or out of the country.