New Delhi, April 26 -- Oil prices edged higher on Friday but posted a weekly decline, under pressure from market expectations of oversupply and uncertainty around tariff talks between the U.S. and China.

Brent crude futures settled 32 cents higher at $66.87 a barrel, taking losses to 1.6% over the week. U.S. West Texas Intermediate crude gained 23 cents to $63.02 a barrel, marking a weekly decline of 2.6%.

China exempted some U.S. imports from its steep tariffs in a sign on Friday that the trade war between the world's top two economies could be easing, though Beijing quickly knocked down U.S. President Donald Trump's assertion that negotiations were underway.

"Traders now view further (crude price) gains as unlikely in the short term ...