Oil edges up as supply concerns deepen

Oil prices rose slightly on Friday, set for their first weekly gain since late November, as supply concerns deepened due to additional sanctions on Iran and Russia, while expectations of a surplus weighed on markets.

Brent crude futures were up 5 cents at $73.46 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude futures were up 8 cents at $70.1.

Both benchmarks were set for weekly gains of more than 3% on concerns about supply disruptions after tougher sanctions on Russia and Iran, as well as hopes that Chinese stimulus measures will boost demand in the world’s second-largest oil consumer.