London: Oil prices rose at settlement, but still posted losses for the second week as the market continued to weigh the impact of sanctions on Russia against concerns about a supply glut. West Texas Intermediate crude futures rose 0.5% to settle below $60 a barrel, but remained lower on a weekly basis. Besides concerns about a supply glut, oil prices this week were also affected by increased volatility in stock markets. According to National Iraqi News Agency, senior industry officials warned that the recent US restrictions on Russia's two largest oil companies are beginning to impact the market, particularly diesel fuel, which has seen a sharp price increase in recent days. Meanwhile, price differentials indicate supply pressures. These developments come amid rising global supply that is weighing on key oil benchmarks, with the spread between the nearest West Texas Intermediate (WTI) crude futures contracts closing at its narrowest level since February on Thursday. Supplies are expected to rise further as production increases within and outside the OPEC+ alliance continue through the end of this year and into early 2026, with the International Energy Agency (IEA) forecasting a record surplus. While increased oil volumes are beginning to appear on tankers, major storage hubs have yet to be affected, with U.S. crude inventories ending October lower than at the start of the month. Traders are expected to scrutinize upcoming reports from OPEC and the IEA next week for further clues about the supply and demand balance as the year draws to a close.