Oil prices rose to a new weekly high on Friday after US President Donald Trump warned of "consequences" if Russia blocked a peace deal with Ukraine, which heightened supply fears, UNN reports with reference to Reuters.
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Sentiment was also boosted by strong economic data from Japan, one of the world's largest oil importers.
Brent crude futures rose 16 cents, or 0.2%, to $67.00 a barrel at 00:17 GMT (03:17 Kyiv time). US West Texas Intermediate crude futures rose 14 cents, also 0.2%, to $64.10.
All eyes are on Friday's meeting between Trump and Russian leader Vladimir Putin in Alaska, where the main agenda item is a ceasefire in Russia's war against Ukraine. Trump said he believes Russia is ready to end the war in Ukraine.
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New Japanese government data released on Friday showed the economy grew 1.0% year-on-year in the April-June quarter, while the median market forecast predicted 0.4% growth. GDP growth led to a quarterly increase of 0.3% compared to a forecast of 0.1%. High economic activity usually stimulates oil consumption.
However, the prospect of higher interest rates in the US in the long term curbed further increases in oil prices. Higher-than-expected inflation data and weak employment figures in the US raised concerns that the Federal Reserve would maintain high interest rates, which usually curbs oil consumption.