WTI crude oil futures regained some momentum in early Asia on Friday but are still on track for a weekly loss of more than 3%. The counter is currently quoting at $58.01 per barrel, up 0.71% on the day. Fed's recent rate reduction and geopolitical tensions are providing some support to the commodity. Meanwhile, the International Energy Agency reaffirmed its forecast for a record supply glut, though slightly lower than last month's estimate, and noted that global inventories have climbed to a four-year high.

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