Jerusalem: Oil prices edged higher on Friday but remain on track for a second consecutive weekly decline, pressured by concerns over rising global supply and signs of weakening demand in the United States. Brent crude futures rose 21 cents, or 0.33%, to $63.59 per barrel, while US West Texas Intermediate (WTI) crude futures increased 22 cents, or 0.37%, to $59.65 per barrel.

According to Qatar News Agency, both benchmarks are poised to retreat by around 2% this week, marking their second straight weekly loss, as major producers ramp up output amid a fragile demand outlook. The U.S. Energy Information Administration (EIA) reported on Wednesday that US crude inventories increased more than expected, reinforcing concerns over a potential supply surplus.

Meanwhile, OPEC+ recently agreed to slightly raise production in December, while pausing additional supply increases during the first quarter of next year due to oversupply risks.