Investing.com-- Oil prices rose slightly in Asian trade on Friday, but remained on track for weekly losses as expectations of increased OPEC+ supply and lingering uncertainty over U.S.-China tariff talks weighed on sentiment.

As of 21:28 ET (01:28 GMT), Brent Oil Futures expiring in June rose 0.3% to $66.77 per barrel, while West Texas Intermediate WTI crude futures gained 0.4% to $62.38 per barrel.

Both contracts were set to decline nearly 2% this week, having fallen more than 10% in April, as investors assessed a combination of factors to gauge the demand outlook.

OPEC+ output hike, US-China trade uncertainty weigh on oil

Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May’s surprise boost, as internal disputes over quota compliance deepen, Reuters reported Wednesday.

The proposed increase—potentially matching May’s 411,000 barrels per day rise—comes as oil prices hover near four-year lows amid a U.S.-China trade war and oversupply concerns.

The push to accelerate output hikes could negatively affect oil prices by increasing supply at a time when demand is weak and market oversupply concerns are already high.

However, prices were supported by expectations of potential tariff negotiations between the U.S. and China.

The Wall Street Journal reported earlier this week that the Trump administration is considering reducing tariffs on Chinese imports to de-escalate trade tensions.

Prior to this, Trump hinted at potential trade negotiations with China, saying a potential deal could lead to a “substantial” reduction in tariffs. But "it won’t be zero," he added.

A reduction of duties could lead to increased economic activity in China, the world’s largest crude importer.

Oil ticks up amid rising Ukraine war tensions, Trump urges Putin to stop

Oil prices were also aided by escalating geopolitical tensions following Russia’s deadliest missile and drone assault on Kyiv in nearly a year.

The attack marked a significant intensification of the Ukraine conflict. In response, U.S. President Donald Trump issued a direct rebuke to Russian President Vladimir Putin, urging him to "stop" the aggression and warning that the strikes jeopardized ongoing peace negotiations.

The price uptick reflected fears that the conflict could further disrupt energy markets, especially considering Russia’s role as one of the world’s top crude oil producers.