Oil set for weekly loss on decline in conflicts, possible glut

Oil prices were slightly higher on Friday, but heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.

Brent crude futures rose 10 cents, or 0.16%, to $61.16 a barrel at 11:17 a.m. CDT (1617 GMT), while U.S. West Texas Intermediate futures were also up 10 cents, or 0.17%, at $57.56.

Trump and Putin agreed on Thursday to another summit on the war in Ukraine, to be held in the next two weeks in Hungary.

The planned summit comes on top of the cease-fire agreement ending, at least temporarily, the fighting in Gaza between Israel and Hamas.