Oil prices set for steepest weekly drop in 3 months [Video]

Oil prices edged higher on Friday, but headed for their steepest weekly loss in three months as uncertainty about demand and high interest rates drove a sell-off limited by the prospect OPEC+ will continue to curb output.

Brent crude futures for July rose 31 cents, or 0.4%, to $83.98 a barrel by 0755 GMT. U.S. West Texas Intermediate crude for June was up 26 cents, or 0.3%, to $79.21 per barrel.

Both benchmarks are set for weekly losses as investors are concerned higher-for-longer interest rates will curb economic growth in the U.S., the world’s leading oil consumer, as well as in other parts of the world.

Brent was on course for a 6.2% weekly decline, and WTI for a loss of 5.6% on the week.

“We view the commodities sell-off over the last two days as collateral damage from the Fed repricing and non-fundamental in nature,” JP Morgan analysts wrote in a note.

For further guidance, …