Oil prices set for second straight weekly decline

Oil benchmarks were headed for a second weekly loss on November 13, with Brent down 0.37% at $95.45 a barrel and West Texas Intermediate (WTI) lower by $0.60, or 0.68%, at $88.14 by 10:19 am PST, Mettis Global reported. Brent was on track to fall 2.4% for the week, while WTI was set to decline 2.5%, following steep losses in the previous week.

Expectations that Washington would continue restricting Iranian oil shipments eased some concern about a wider conflict disrupting supplies, although attacks on shipping and energy facilities kept risks in view. Iran's military said four tankers were hit in the Strait of Hormuz, a claim Reuters had not verified; the Houthis also claimed attacks on Saudi oil infrastructure. US crude stocks rose 4.7 million barrels to 414.4 million in the week to November 6, against analysts' expectation of a 1.1 million-barrel decrease, while weaker fuel demand and higher imports added pressure. These developments matter to investors tracking global crude prices and Pakistan's oil-related sectors.