oil futures rose friday but remained on track for weekly losses as traders looked ahead to a weekend meeting of the organization of the petroleum exporting countries and its allies   west texas intermediate crude for july delivery cl1 cl00 cln23 rose 122 or 17 to 7132 a barrel on the new york mercantile exchange   august brent crude brn00 brnq23 the global benchmark gained 125 or 17 to trade at 7553 a barrel on ice futures europe   back on nymex july gasoline rbn23 rose 16 to 2474 a gallon while july heating oil hon23 gained 14 to 2347 a gallon   july natural gas ngn23 was up 07 at 2173 per million british thermal units wti and brent both remain on track for weekly losses of nearly 2 after suffering steep may declines that were attributed to worries about the global economic outlook and worries over a potential us government default those default worries were put to bed thursday after the senate passed legislation to lift the debt ceiling sending it to president joe biden’s desk for signature the focus has shifted to a weekend meeting of opec and its allies including russia a group known as opec traders are gauging prospects for additional production cuts after a surprise round of april reductions failed to give crude a lasting lift read why opec will have a hard time surprising the oil market this weekend signs that russia has failed to comply with its own pledge to cut production by 500000 barrels a day have sparked speculation of a potential rift between riyadh and moscow “in reality there are many more reasons for the group to work together than break apart and members will likely remain steadfast in defending their relationship however the damage to the market has been done as the negative feedback loop of weaker macro data and opec risk emboldened sellers” said rebecca babin senior energy trader at cibc private wealth us in emailed comments “the bullish thesis for crude is on life support making the mistake in messaging very costly” she said babin said the most likely outcome will be no change to output while a surprise cut would inject more volatility into the market and be interpreted by oil bears as a sign that demand for crude remains weak “the objective of this meeting is likely to convince the market that the saudirussia relationship remains intact and that they are ready to act if needed” babin said