India, May 2 -- Oil prices edged lower on Friday at the end of a volatile week as traders weighed a potential supply hike from OPEC+ and a fresh threat of U.S. sanctions against Iranian flows.
Benchmark Brent crude futures fell 0.6 percent to $61.79 a barrel in early European trade while WTI crude futures were down 0.4 percent at $58.98.
Brent contracts were down more than 7 percent for the week and WTI contracts were down over 6 percent, marking their biggest weekly declines in a month on concerns that a broader trade war could push the global economy into a recession and dent demand for fuel.
There is some optimism, however, after China said it was open for talks with the United States on tariffs, raising hopes of a de-escalation in a ...