Oil headed for a second weekly loss as OPEC+ prepared to weigh further production increases, while traders assessed the latest developments in the US-China trade standoff. 

Global benchmark Brent futures traded near $62 a barrel on Friday, with the July contract down about 6% this week on expectations that Saudi Arabia will steer OPEC+ to announce another supply boost on Monday. West Texas Intermediate held below $60.

Prices pared some of their losses after US government data showed that job growth was robust in April and the unemployment rate held steady.

The market was also buoyed as Beijing said it's assessing the possibility of talks with the US that could ease the tariffs conflict between the two economic giants. Further support came from Trump's pledge to impose secondary sanctions on any nations or companies buying Iranian oil, ratcheting up pressure on Tehran as nuclear talks with Washington hit a snag.

Nonetheless, concerns that OPEC+ is poised to add barrels onto a market already frayed by slowing Chinese demand and plentiful American supply has kept prices under pressure. Last month, the cartel agreed to revive three times the originally planned volume, and it still has considerable idled capacity to restart.

Crude has shed about 17% this year, briefly touching a four-year low last month as the Trump administration's bid to rework the global trading system through punitive levies fanned concerns it'll drag economies into recession, hurting energy demand. 

"Crude oil's attempt to bounce seems to have run into trouble already, highlighting ongoing concerns about the trajectory of global demand spiced up with the Saudis' willingness to accept lower prices in order to regain market share," said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen.

Source: Bloomberg