India, Aug. 22 -- Oil prices edged lower on Friday but were set for a weekly gain as hopes for an imminent peace deal between Russia and Ukraine dimmed.
Benchmark Brent crude futures dipped 0.2 percent to $67.54 a barrel in European trade but were up nearly 2.5 percent for the week amid stalled Russia-Ukraine peace talks and signs of strong demand in the United States.
WTI crude futures were down 0.2 percent at $63.42 but were poised for a 1 percent weekly gain.
The German economy shrank more than initially estimated in the second quarter, raising concerns over demand.
After a surge of 0.3 percent quarter-on-quarter in the first quarter, the German economy shrank by 0.3 percent in the second quarter, data showed. The initial estimate sh...