Mumbai, Dec. 19 -- WTI crude oil futures slipped below $56 per barrel on Friday and were headed for a second consecutive weekly decline, as oversupply concerns outweighed rising geopolitical tensions. Prices have fallen to near five-year lows amid expectations of ample supply from OPEC+ output increases and stronger production from non-OPEC producers, while early signs of demand weakness are emerging in China and the US. Although fresh sanctions on Venezuelan and Russian oil flows have raised supply disruption risks, oil remains down around 20% this year as fundamentals continue to pressure prices. MCX January crude oil futures were seen trading down 0.8% at Rs 5073 per barrel.
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