OIL PRICES SET FOR STEEPEST WEEKLY DROP IN 3 MONTHS

Oil prices inched higher on Friday, but were on track for their largest weekly drop in three months, driven by uncertainty surrounding demand and elevated interest rates. However, the sell-off was limited by expectations that OPEC+ would continue to restrain output. Brent crude futures for July delivery gained 31 cents, or 0.4%, to reach $83.98 a barrel by 0755 GMT. Meanwhile, US West Texas Intermediate (WTI) crude for June rose 26 cents, or 0.3%, to $79.21 per barrel.

Despite the slight uptick on Friday, both Brent and WTI were poised for significant weekly losses. Investors remain concerned that persistently high interest rates could dampen economic growth in the United States, the world's largest oil consumer, as well as in other regions. Brent crude was on course for a weekly decline of 6.2%, while WTI was set to register a loss of 5.6% for the week.

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