Oil heads for second weekly loss on lingering oversupply concerns

Oil prices rose on Friday but remained on track for a second consecutive weekly loss after three days of declines on worries about excess supply and slowing U.S. demand.

Brent crude futures rose 41 cents, or 0.65%, to $63.79 a barrel by 1357 GMT. U.S. West Texas Intermediate crude was up 46 cents, or 0.77%, at $59.89.

Both benchmarks are poised to register weekly declines of around 2% as leading global producers raise output.

"The market continues to weigh a rising oil surplus against mixed macro," said SEB analyst Ole Hvalbye.

An unexpected U.S. inventory build of 5.2 million barrels reignited oversupply fears this week, said IG Markets analyst Tony Sycamore.

U.S. crude stocks rose more than expected on higher imports and reduced refining activity while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.