Oil prices fell over 2% on Friday due to concerns about a looming global supply glut in the coming year. Investors are also monitoring potential developments in the Russia-Ukraine peace process, as an agreement could lead to the lifting of sanctions on Russia's oil sector. Despite recent price rebounds from lows, crude output increases have fueled worries of an oversupply, with the IEA projecting a significant surplus next year. U.S. actions concerning Venezuelan oil are considered to have minimal global impact.