Oil rises, but on track for biggest weekly drop in months | Reuters

Oil rises, but on track for biggest weekly drop in months | Reuters

Oil prices rose on Friday but remained on track for their biggest weekly drop since at least May after expectations of more supply put pressure on the market.

Brent crude was up 10 cents, or 0.1%, at $73.57 a barrel by 1152 GMT, heading for a 2.6% fall this week, marking its biggest weekly drop since May.

U.S. crude for August rose 21 cents, or 0.3%, to $71.86 a barrel, on track for a 3.7% decline, its largest weekly drop since March.

Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ producers to finalise a deal to increase production. read more

OPEC+ - which groups the Organization of the Petroleum Exporting Countries with Russia and other producers - had earlier failed to agree after the UAE sought a higher baseline for measuring its output cuts.