(RTTNews) - Oil prices were slightly higher on Friday but were on track for a second weekly decline on receding concerns of a U.S.-Iran conflict and supply glut fears.
Benchmark Brent crude futures were marginally higher at $67.56 a barrel, after falling nearly 3 percent on Thursday. WTI crude futures edged up by 0.1 percent to $62.93.
Oil headed for the first back-to-back weekly drop this year after the International Energy Agency lowered its global oil demand forecast for 2026 and projected a sizeable surplus despite outages that cut supply in January.
U.S.-Iran tensions eased somewhat, with U.S. President Donald Trump saying that negotiations with Iran could stretch for as long as a month.
As talks between Iranian and U.S. officials continue over Iran's nuclear program, Trump threatened Iran Thursday with "very traumatic" consequences if it fails to make a nuclear deal.
However, Israeli Prime Minister Benjamin Netanyahu said he was sceptical about the quality of any such agreement.
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