Oil Rising But Heading For The Largest Weekly loss in Months

Oil prices rose on Friday but were still heading for their biggest weekly decline since at least May, as expectations of increased supplies spooked investors.

Brent crude rose 37 cents, or 0.5%, to $73.84 a barrel, and is set to lose 2.3% this week, the biggest weekly decline since May.

US crude for August delivery rose 42 cents, or 0.6, to $72.07 a barrel, and is on track to fall 3.4% this week, the biggest weekly decline since April.

Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ to finalize an agreement that would allow for production increases.

The Organization of the Petroleum Exporting Countries, Russia, and other producers, within the framework of the OPEC+ group, had earlier failed to agree after the UAE requested a higher baseline to calculate its production cuts.