Taipei:Oil prices are on track for a significant weekly decline as expectations grow that geopolitical tensions in the Middle East are easing.

According to Qatar News Agency, during today's trading, Brent crude futures for January delivery increased by USD 1.57, or 1.6 percent, reaching USD 99.86 per barrel. Similarly, US West Texas Intermediate (WTI) crude futures rose by USD 1.10, or 1.22 percent, to USD 91.62 per barrel.

Despite these gains for the second consecutive day, both benchmarks are expected to record weekly losses. Projections suggest that Brent crude will decrease by approximately 12 percent this week, while West Texas Intermediate is anticipated to decline by 12.1 percent.