Oil set for weekly loss as supply remedies emerge | Reuters

Oil set for weekly loss as supply remedies emerge | Reuters

Oil prices went in and out of positive territory Friday and were headed for their biggest weekly decline since Novemberas traders looked towards ways in which disruptions of Russian oil supply could be remedied in a tight market.

Oil prices soared after Russia invaded Ukraine and hit their highest levels since 2008 but have pulled back a bit this week on hopes that some producing countries may act to increase supply.

Brent crude futures were up 10 cents, or 0.1%, at $109.43 a barrel by 1353 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.2%, to $106.25 a barrel.

Brent, which rose over 20% last week, was on track for a weekly fall of 7.6% after hitting $139.13 on Monday. U.S. crude was headed for a weekly drop of 8.4% after touching a high of $130.50 on Monday. Both contracts last touched these price peaks in 2008.