International crude oil futures edged lower on Friday, posting weekly losses as investors focused on oversupply risks and potential Russia-Ukraine peace talks, despite concerns over disruptions to Venezuelan oil supplies.

The January West Texas Intermediate (WTI) crude contract on the New York Mercantile Exchange fell $0.16, or 0.28%, to settle at $57.44 per barrel. Meanwhile, the January Brent crude contract declined $0.16, or 0.26%, closing at $61.12 per barrel.

Analyst Janiv Shah from Rystad Energy noted that certain factors continue to support oil prices, including escalating tensions between the U.S. and Venezuela, as well as Ukrainian drone attacks on a Russian oil platform in the Caspian Sea.

On Thursday, six sources familiar with the matter revealed that the U.S. is preparing to intercept more vessels carrying Venezuelan oil, following the seizure of a tanker earlier this week.

Meanwhile, industry sources and Reuters calculations showed Russia's November seaborne oil product exports dipped just 0.8% from October, as refinery maintenance completions helped offset declining fuel shipments from southern routes like the Black and Azov Seas.

Year-to-date, both Brent and WTI benchmarks have lost over 4% this week, reflecting broader market uncertainty.

Tamas Varga, an analyst at PVM Oil Associates, stated that while occasional supply-side support may emerge, the overall market sentiment indicates oversupply, with any price rebounds expected to be short-lived.

Data from OPEC suggests global oil supply will roughly match demand by 2026—a more bearish outlook compared to earlier this year when the cartel projected demand would outpace supply. This forecast contrasts with predictions from the International Energy Agency (IEA).