%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Oil prices are set for a weekly decline as worries about global oversupply grow more pronounced. Media reports that the OPEC+ cartel is considering a resumption in oil production increases has both Brent and West Texas Intermediate (WTI) crude oil trending lower. At the same time, fears that the U.S. will strike Iran and disrupt oil production in the Middle East are easing as talks progress between Tehran and Washington, D.C. Brent crude oil, the international standard, is currently trading at $67.46 U.S. a barrel, down 0.70% over the last week. West Texas Intermediate crude, the U.S. benchmark, is at $62.72 U.S., down 1.1% on the week. Recent comments from U.S. President Donald Trump that the U.S. could make a deal with Iran over its nuclear program within the next month drove down oil prices. Separately, the Russian government has announced that that the next round of peace talks on Ukraine will take place next week, further easing pressure on crude oil prices. The International Energy Agency (EIA) said in its latest forecast that global oil supply will exceed demand this year. U.S. data recently showed a massive build-up in American crude oil stockpiles, with Venezuelan supply expected to hit the market in coming months.