Singapore, February 13 (QNA) - Oil prices held steady in Asian trading on Friday after sharp declines in the previous session, with benchmarks on track for a second consecutive weekly loss amid persistent supply concerns and weaker global demand expectations.
Brent crude futures edged up 3 cents, or 0.04%, to $67.55 per barrel, following a 2.7% drop in the previous session.
US West Texas Intermediate (WTI) crude futures gained 1 cent, or 0.02%, to $62.85 per barrel, after falling 2.8%.
Despite Friday's marginal rebound, both benchmarks remain under weekly pressure. Brent is poised to post a weekly decline of approximately 0.8%, while WTI is set to register losses of around 1.1%.
Market sentiment has been weighed down by renewed supply concerns linked to tensions between the United States and Iran, raising uncertainty over potential disruptions. At the same time, demand-side pressures have added to bearish momentum.
In its latest monthly report released Thursday, the International Energy Agency (IEA) revised down its forecast for global oil demand growth this year, citing slower economic activity in several major markets. The agency also indicated that global oil supply is likely to exceed demand, reinforcing expectations of a more balanced -- or potentially oversupplied -- market in the months ahead. (QNA)