New york: Oil prices achieved slight gains at the settlement on Friday evening, but are heading for a weekly loss of about 3%, driven by the International Energy Agency's expectations of a growing supply glut in 2026 and a larger-than-expected increase in US crude inventories. Brent crude futures rose 23 cents, or 0.38%, to $61.29 a barrel at the settlement, while US West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.14%, to $57.54 a barrel. According to National Iraqi News Agency, the US Energy Information Administration reported that US crude inventories increased by 3.5 million barrels to 423.8 million barrels last week, exceeding analysts' expectations of an increase of only 288,000 barrels, which pressured prices. This significant increase is attributed to lower refinery consumption due to seasonal maintenance in the fall. US production also rose to 13.636 million barrels per day, a record high, reflecting the strength of US production in the global market.