Crude futures tumbled 4% on the week at the close of Friday's, Dec. 12, trading, amid fears of oversupply, driven by the potential lifting of sanctions on Russian oil and forecasts that global production next year will outpace demand.

Futures of fuel to oil steadied Friday, Dec. 12, from the two-month lows of the previous session as traders digested forecasts for higher demand next year in a market still seen as oversupplied.

Fuel and crude oil futures fell broadly Thursday, Dec. 11, on media reports that Ukraine has sent a proposal to U.S. President Donald Trump on territorial concessions it would be prepared to make to end the war with Russia.

ULSD and crude oil futures rose Wednesday, rebounding from two straight days of losses, while gasoline prices dipped following a mixed weekly inventory report from the U.S. Energy Information Administration (EIA).

Oil futures rose for the first time in three sessions on Wednesday, Dec. 10, rebounding from two-week lows, following a weekly drawdown in crude oil inventories reported by the American Petroleum Institute.

Oil futures hit two-week lows on Tuesday, Dec. 9, amid concerns about mounting Russian crude supplies offered at deeper discounts that could add to the market's oversupply.

Oil futures remained soft on Tuesday, Dec. 9, as the Kremlin reacted favorably to a new U.S. national security strategy that called for better relations with Russia, which faces both U.S. and European sanctions on its energy exports.