Oil prices steadied Friday, Oct. 17, morning and were on track to their third consecutive weekly decline as oversupply woes outweighed geopolitical risks.

Oil futures fell for a third straight day on Thursday, Oct. 16, after the third consecutive weekly build in U.S. crude stockpiles reported by the Energy Information Administration.

Crude futures edged higher on Thursday, Oct. 16, morning as traders focused on supply-side risks after the U.S. and its allies stepped up efforts to reduce Russian oil exports.

Oil futures fell in sluggish trade for a second straight day on Wednesday, Oct. 15, as an intensifying U.S.-China trade battle and fears of oversupply continued to weigh on key crude benchmarks.

Oil prices edged higher Wednesday, Oct. 15, morning, rebounding from the drop of the prior session that had been pressured by signs of a market tilting significantly into oversupply.

Oil futures fell back on Tuesday, Oct. 14, after a one-day reprieve, driven by concerns over weakening demand amid a record oversupply forecast by the International Energy Agency for next year and simmering U.S.-China trade tensions.

Oil futures plumbed fresh five-month lows after the International Energy Agency raised its oversupply forecast for next year to an unprecedented 4 million bpd, after foreseeing production rapidly outpacing demand growth.