LONDON—Oil prices edged lower on Friday but were on track for weekly gains, supported by the prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil.
Brent crude was down 20 cents, or 0.2 percent, at $117.20 at 1104 GMT, but was on track for a gain of about 4 percent this week.
U.S. West Texas Intermediate (WTI) crude fell 40 cents, or 0.4 percent, to $113.69 a barrel. WTI is set for a weekly gain of about 0.5 percent.
“Oil prices have risen to the highest level since end of March, benefiting from renewed declines in U.S. oil inventories,” said UBS analyst Giovanni Staunovo….