Oil prices edged higher on Friday, but are on track to record weekly losses after the United States and Iran extended talks regarding Iran's nuclear program, easing concerns about potential hostilities that could disrupt supplies.
Brent crude futures rose 36 cents, or 0.51%, to $71.11 a barrel. West Texas Intermediate crude climbed 38 cents, or 0.58%, to $65.59 a barrel.
Brent is heading for a weekly decline of about 1%, while West Texas Intermediate is poised for losses of around 1.3%, partially reversing gains made in the previous week.
The extension of U.S.-Iran talks has alleviated some fears of military conflict in the region, which had previously supported prices due to concerns over potential supply disruptions.
However, despite Friday's gains, the overall sentiment remains cautious as the market anticipates potential outcomes from the ongoing negotiations.