Oil Set For Second Weekly Loss On Supply Glut Fears

(RTTNews) - Oil prices were slightly higher on Friday but were on track for a second weekly decline on receding concerns of a U.S.-Iran conflict and supply glut fears.

Benchmark Brent crude futures were marginally higher at $67.56 a barrel, after falling nearly 3 percent on Thursday. WTI crude futures edged up by 0.1 percent to $62.93.

Oil headed for the first back-to-back weekly drop this year after the International Energy Agency lowered its global oil demand forecast for 2026 and projected a sizeable surplus despite outages that cut supply in January.

U.S.-Iran tensions eased somewhat, with U.S. President Donald Trump saying that negotiations with Iran could stretch for as long as a month.

As talks between Iranian and U.S. officials continue over Iran's nuclear program, Trump threatened Iran Thursday with "very traumatic" consequences if it fails to make a nuclear deal.

However, Israeli Prime Minister Benjamin Netanyahu said he was sceptical about the quality of any such agreement.