Oil prices edge higher after three-day slump but remain on track for weekly loss

SINGAPORE: Oil prices inched up on Friday after falling for three straight days due to concerns about too much supply and weakening U.S. demand.
Brent crude rose 21 cents to $63.59 per barrel, while U.S. WTI increased by 22 cents to $59.65 per barrel. Despite the small gain, both benchmarks are still expected to record a second weekly loss of around 2%.

Prices dropped earlier after U.S. crude inventories unexpectedly rose by 5.2 million barrels, signaling oversupply. Analysts say worries about the U.S. government shutdown, slower economic activity, and a stronger dollar also pressured prices.

OPEC+ recently agreed to slightly increase output in December but paused further hikes for early next year to avoid flooding the market. Saudi Arabia has also cut crude prices for Asian buyers due to sufficient supply.

Sanctions on Russia and Iran have affected oil flows to major buyers like China and India, which has provided some support to prices.