Oil limped to a third week of losses, weighed down by signs the market is tipping into the surplus analysts have been awaiting.

West Texas Intermediate ended the day little changed near $57 a barrel, down 2.3 per cent this week in its longest losing streak since March.

News on oversupply kept piling up this week. The International Energy Agency raised its estimate for next year’s global overhang by about 18 per cent. And a US storage broker reported a surge in bids for securing tank capacity at the country’s key crude hub in Cushing, Oklahoma, underscoring that traders are positioning themselves for the glut. Prices for flagship US oil grades have also weakened.

Crude traders are also following the on-again, off-again tensions between Washington and Beijing.

President Donald Trump on F

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