New York: Oil prices experienced an increase in the Friday trading session leading up to the three-day Memorial Day holiday, reflecting investor concerns about the ongoing nuclear discussions between the United States and Iran. However, despite this rise, crude oil suffered its first weekly loss in three weeks due to anticipated increases in supplies from the OPEC+ group and the consequences of US tariff policies.

According to National Iraqi News Agency, Brent crude futures saw a rise of 34 cents, or 0.54%, to close at $64.78 per barrel. Despite this uptick, Brent crude experienced a 0.9% decline over the week. Similarly, US West Texas Intermediate (WTI) crude futures increased by 33 cents, or 0.54%, reaching $61.53, yet it recorded a 0.7% decrease for the week.

The Memorial Day weekend heralds the beginning of the summer driving season in the United States, a time when the demand for motor fuel typically peaks. Nonetheless, the market remains under pressure as traders anticipate a possible boost in production from the OPEC+ group, which could alter the supply dynamics and impact prices further.