Oil prices set for weekly loss on potential for more global supply

Oil prices edged higher on Friday but were on track for a weekly loss as a potential OPEC+ output increase and a possible ceasefire in the Russia-Ukraine war may raise supply at the same time conflicting U.S. tariff signals limit the demand outlook, reports Reuters.

Brent crude futures gained 5 cents to $66.60 a barrel by 0001 GMT, on track to fall 2% for the week.

U.S. West Texas Intermediate (WTI) crude rose 6 cents to $62.85 a barrel but was set to decline 2.9% for the week.

The United States and Russia are moving in the right direction to end the war in Ukraine, but some specific elements of a deal remain to be agreed, Russian Foreign Minister Sergey Lavrov said in an interview with CBS News.

A halt to Russia's war in Ukraine and the easing of sanctions against them could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.

On Thursday, Trump criticized Russian President Vladimir Putin after Russia pounded Kyiv with missiles and drones overnight, saying "Vladimir, STOP!"

Also potentially adding to global supply, several OPEC+ members had suggested the group accelerate oil output increases for a second month in June, Reuters reported earlier this week.