Oil rises but set for weekly loss as traders assess supply

Oil rises but set for weekly loss as traders assess supply

BENGALURU - Oil prices rose Friday but still on track for a weekly decline as traders weighed headlines around Russia and Iran suggesting more possible supply disruptions, versus those promising remedies in a tight market.

Benchmark futures have soared since Russia's invasion of Ukraine. Early this week they hit their highest levels since 2008, then pulled back sharply as some producing countries signalled they may boost supply.

Brent crude futures rose $1.97, or 1.8%, to $111.30 a barrel by 11:49 a.m. ET (1649 GMT) after hitting a session low of $111.74. U.S. West Texas Intermediate (WTI) crude futures rose $2.29, or 2.2%, to $108.31 a barrel, off the session low of $104.48.

U.S. President Joe Biden said the G7 industrialized nations will revoke Russia's "most favored nation" trade status, and announced a U.S. ban on Russian seafood, alcohol and diamonds. The United States banned Russian oil this week.

Supply concerns grew when talks to revive the 2015 Iran nuclear deal on Friday faced the threat of collapse after a last-minute Russian demand forced world powers to pause negotiations.

U.S. rig data from energy services firm Baker Hughes Co showed drillers added 13 oil and natural gas rigs, bringing the total to 663, the ninth increase