India, Aug. 8 -- Oil prices inched up on Friday but were on track for hefty weekly losses as new U.S. trade tariffs pose significant risks to global growth and fuel demand.
Benchmark Brent crude futures rose 0.4 percent to $66.68 a barrel in European trade while U.S. West Texas Intermediate crude futures were up 0.3 percent at $64.10.
Both benchmarks were on track for weekly losses of between 4 percent and 5 percent, marking their steepest weekly losses since late-June, as the Trump administration's higher tariff rates on trading partners took effect from midnight and Moscow confirmed Russian President Vladimir Putin and U.S. President Donald Trump are preparing to meet in the coming days, raising hopes of a ceasefire in the Ukraine war....