India, June 27 -- Oil traded higher on Friday but was on course for its worst week since March 2023 on easing concerns over Middle East supply risks.
Benchmark Brent crude futures climbed 0.7 percent to $67.18 a barrel in European trade while WTI crude futures were up 0.9 percent at $65.84.
Both contracts remain on track for a weekly loss of about 12 percent, the most since March 2023, in the absence of significant supply disruption from the Middle East.
A ceasefire between Israel and Iran continue to hold, removing threats to oil supply. Today's uptick in oil price was supported by a weaker dollar, lower U.S. inventories and easing Sino-U.S. tensions.
The dollar hovered near its lowest level in 3-1/2 years against the euro and sterling...