Oil edged lower after its biggest weekly loss in two years as traders speculated on an OPEC+ supply hike and fears of Middle East tensions disrupting global oil flows dissipated, for now at least.
Oil prices are rising as the situation in the Middle East becomes critical.
Despite a surge in oil prices this week on expectations of a major escalation in the Middle East, the benchmarks were set for their fourth weekly loss in a row as demand concern outweighed the war premium.
Crude oil prices are on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand.
Oil prices are poised for a third straight weekly jump, buoyed by growing expectations that the U.S. central bank will soon start to cut interest rates.
Crude oil prices have risen for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer.
