WASHINGTON (dpa-AFX) - Oil prices inched higher on Friday as fears of disruptions to Russian energy exports outweighed oversupply concerns.
However, oil prices were still poised for their steepest weekly loss in over three months amid expectations of an upcoming OPEC+ output hike.
Benchmark Brent crude futures jumped 1.3 percent to $64.94 a barrel in European trade, while WTI crude futures were up 1.2 percent at $61.20.
Both contracts were on track for weekly losses of around 6-7 percent, marking their biggest weekly losses since June amid bets that OPEC+, the group of oil producers led by Saudi Arabia and Russia, will boost output for next month at an upcoming meeting on Sunday.
Analysts say that higher supply from the oil cartel, combined with a seasonal decline in U.S. oil demand, could raise stockpiles in the United States, the world's biggest consumer of crude.
A report from the U.S. Energy Information Administration released earlier this week showed that inventories climbed last week on tepid demand and refining activity.
Meanwhile, the U.S. is set to provide Ukraine with intelligence to support long-range strikes on Russia's energy sites and is considering Tomahawk missile supplies, according to U.S. outlets.
Elsewhere, the Group of Seven (G7) finance ministers on Thursday pledged to step up coordinated economic pressure on Russia over its war in Ukraine, vowing new sanctions and trade measures targeting Moscow and those helping it circumvent restrictions.
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