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. 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.