Oil Prices Edge Higher But Set for First Weekly Losses Since August

Oil prices edged up on Friday but were headed for their first weekly losses in at least eight weeks after US oil stocks rose more than expected and Iran flagged it was resuming talks with Western powers which could lead to an end to sanctions.
Brent crude futures rose 27 cents, or 0.3%, to $84.59 a barrel, while US West Texas Intermediate crude futures were up 12 cents, or 0.1%, to $82.93 a barrel, Reuters reported.
Both benchmarks, which touched multi-year highs on Monday, were on track to fall about 1% for the week - the first weekly drop in 10 weeks for WTI and the first in eight weeks for Brent.
The heat has come out of a two-month rally stoked by tight gas and coal prices in Europe and China, which had spurred fuel-switching in power generation to fuel oil and diesel while oil supplies were tight.
All eyes are on the next meeting of the Organization of Petroleum Exporting Countries, Russia and their allies, together called OPEC+, on Nov. 4. Analysts expect the bloc to stick to its plan to add 400,000 barrels per day of supply each month until April 2022.
Concerns about erratic demand growth persist, with China looking to curb pollution ahead of the Beijing Winter Olympics and restricting mobility to curb any outbreaks of Covid-19.
China reported 64 new confirmed coronavirus cases for Oct. 28, compared with 39 a day earlier, the country's health authority said on Friday.