Crude oil prices are on track for weekly gains despite geopolitical headwinds, inventory builds, and fluctuating expectations of a US-Russia peace deal that could ease sanctions on Moscow.

Crude oil futures opened lower after a three-day rebound as traders reacted to an increase in crude inventories in the US. The figures were also higher than expected. However, the market could remain volatile as traders consider the economic and geopolitical developments.

Crude prices fell to a two-month low, weakened by rising oil supplies and concerns over demand. Prices posted a fifth consecutive weekly loss, the first such losing streak in a year. West Texas Intermediate rose three of four trading days on the New York Mercantile Exchange,

Oil prices dipped in midday trading on Friday but were still on track to record a large weekly gain on concerns of tightening supply and a weaker dollar. Brent, the benchmark for two thirds of the world’s oil,

Fears of a disruption in oil supplies are bringing mixed movement to local pump prices, the Department of Energy said Friday.