Doha: Oil prices edged higher on Monday as geopolitical tensions in Europe and the Middle East underpinned the market, though concerns over rising supplies and the impact of trade tariffs on global fuel demand capped gains. Brent crude futures climbed 28 cents, or 0.42%, to $66.96 a barrel, while US West Texas Intermediate (WTI) crude added 20 cents, or 0.32%, to $62.88. According to Qatar News Agency, both benchmarks had settled more than 1% lower on Friday, posting a slight weekly loss as concerns over abundant supply and weakening demand overshadowed expectations that the US Federal Reserve's first interest-rate cut of the year would stimulate consumption.
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