Oil Prices Set to Extend Losing Streak as Floating Storage Soars
Crude oil prices were on course for another weekly decline today as worries about a supply overhang deepened amid reports of record crude oil volumes going into floating storage and despite the first signs of disruption in outbound Russian oil flows following the latest U.S. sanction push. At the time of writing, Brent crude was trading at $63.69 per barrel and West Texas Intermediate was changing hands for $59.73 per barrel. Both benchmarks were up from Thursday but down from the start of the week as traders focused on supply. There have been…