Brent crude oil futures rose to around $63.7 per barrel on Friday but stayed near a two-week low and headed for a second weekly loss, as fears of a potential glut continued to weigh on the market. OPEC+ output increased last month as key members resumed halted production, while non-OPEC producers also ramped up supply. In response to the well-supplied market, Saudi Arabia, the world’s largest oil exporter, slashed its December crude prices for Asian buyers. Adding to the headwinds, demand weakness persisted. Meanwhile, supply risks lingered due to US restrictions on Russian oil purchases and Ukraine’s attacks on Russian energy sites. India, a major oil importer, is diversifying its sources as sanctions complicate Russian crude purchases, with Reliance even offloading Middle Eastern cargoes, while Chinese state oil majors have also suspended purchases of seaborne Russian crude.