Oil gains as global conflicts ease, signs of glut emerge

Brent crude futures settled at US$61.29 a barrel, up 23 cents, or 0.38%. US West Texas Intermediate futures finished at US$57.54 a barrel, up 8 cents, or 0.14%.

HOUSTON: Oil prices managed small gains on Friday but were headed for a weekly loss of nearly 3% after the IEA forecast a growing glut and US President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.

Brent crude futures settled at US$61.29 a barrel, up 23 cents, or 0.38%. US West Texas Intermediate futures finished at US$57.54 a barrel, up 8 cents, or 0.14%.