A halt to Russia's war in Ukraine and the easing of sanctions against them could allow more Russian oil to flow to global markets. Russia, a member of the OPEC+ group that includes the Organization of Petroleum Exporting Countries, is one of the world's biggest oil producers along with the U.S. and Saudi Arabia.

Crude oil prices are set for a weekly loss due to rumors of increased OPEC+ supply and renewed hopes for peace in Ukraine, despite slight gains in Brent and West Texas Intermediate benchmarks.

Oil prices rose on Friday but were headed for a weekly loss on the prospect of more supply entering global markets amid positive US-Iran talks and potential output increases from Opec+ members. Demand concerns as a result of the trade war between the US and China,