WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday but were on track for their best weekly performance since early January on increasing supply uncertainty.
Benchmark Brent crude futures fell 0.7 percent to $75.92 in European trade while WTI crude futures were down 0.8 percent at $71.91.
Brent crude contracts were on track for a weekly gain of more than 2 percent after reports emerged that OPEC+ could delay a production increase.
The oil cartel is expected to delay the production hikes planned for early April despite calls from U.S. President Donald Trump to lower prices.
At present, the alliance aims to restore a total of 2.2 million barrels a day in monthly increments, starting from April.
Geopolitical risks, U.S. actions on Iran, renewed sanctions on Russia and the halt of U.S. purchases of Venezuelan crude oil also added to the complexity.
A drone attack on a major pumping station in southern Russia has disrupted oil flows from Kazakhstan through the Caspian Pipeline.
Also, the U.S. is not expected to have much success in boosting domestic oil supply.
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