Oil set to close lower for second straight week

Dec 19 (Reuters) - ‌Oil prices ticked down on Friday and were set to close lower ‍for ‌a second straight week, as rising prospects of a Russia-Ukraine peace deal offset ⁠concerns over supply disruptions from a ‌blockade of Venezuelan oil tankers.

Brent crude futures fell 9 cents, or 0.2%, to $59.73 a barrel by 0456 GMT, and U.S. West Texas Intermediate crude was trading 13 cents, or 0.2% ⁠lower, at $56.02 a barrel.

On a weekly basis, Brent was 2.3% lower while WTI was down 2.5%.

U.S. President ​Donald Trump on Thursday said he believes talks toward ‌ending the war in Ukraine are "getting ⁠close to something" ahead of a U.S. meeting with Russian officials this weekend.

In the other potential geopolitical catalyst, it was not immediately clear how the U.S. ​would enforce Trump's announcement to blockade tankers under sanctions entering and leaving Venezuela, which makes up around 1% of global supplies. In an unprecedented move, the U.S. Coast Guard last week seized a Venezuelan oil tanker.

"Uncertainty over enforcement details ​and ‍optimism that a potential U.S.-led ​Ukraine peace deal could still emerge (are) easing global supply concerns and tempering geopolitical risk premiums," IG analyst Tony Sycamore said on Friday.

Further measures targeting Russian oil could pose a greater supply risk to the market than Trump's Venezuela blockade of tankers, analysts say.

Venezuela on Thursday authorized two unsanctioned very large crude carriers to set ⁠sail for China, according to two sources familiar with Venezuela's oil export operations.

Analysts at Bank of America anticipate the ​lower price of oil will reduce the amount of supply, which could prevent a free fall in prices.

"A rally from current levels that breaks above resistance at $56.70–$56.90ish would strengthen the case that this week's selloff to ‌the $54.98 low was a false break lower," IG's Sycamore said.

"Conversely, a break below $54.98/90ish would reignite downside momentum, targeting the psychological $50.00 level."

(Reporting by Sudarshan VaradhanEditing by Shri Navaratnam)