Oil prices are set to end the week with a more than 2% loss due to concerns about excess supply overshadowing geopolitical risks. Brent crude and WTI both dropped 0.2% to $59.69 and $55.90 a barrel, respectively. Prices have fallen 20% this year on fears of a global supply surplus and weak demand. The previous session saw an increase in prices driven by heightened U.S.-Venezuela tensions following a blockade announcement.

Read more at Barron’s: Oil Poised for Weekly Loss on Oversupply Fears