Oil prices edged lower on Friday, and were on course for their steepest weekly loss in three months, as investors weighed weaker-than-expected U.S. jobs data and the timing of a Federal Reserve interest rate cut.

Oil futures inched lower in Friday dealings, with easing concerns about potential supply disruptions in the Middle East, strength in U.S. production, and signs of slowing demand setting prices up for their largest weekly percentage loss since early February.

Oil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks.

Oil prices climbed on Thursday, bouncing back from three consecutive days of losses, as anticipation grew that the U.S., the world’s largest crude consumer, might initiate replenishment of its strategic reserve,

On the 2nd (local time), oil prices partially recovered losses after the US crude oil inventory significantly increased, boosting supply. July Brent crude traded at the $84 per barrel line, the lowest since mid-March,

Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed weak U.S. jobs data and possible timing of a Federal Reserve interest rate cut. Brent crude futures for July settled 71 cents lower,

Investing.com-- Oil prices edged higher Friday, lifting from near seven-week lows, but were headed for steep losses this week as signs of robust U.S. stockpiles and production dashed hopes for tight crude markets in the coming months.