Oil futures fell, giving up gains of previous sessions that were fueled by near-term supply concerns and expectations that OPEC+ may put off returning barrels to the market in April as planned.

Oil prices fell 2% on Friday but were still on track for a weekly gain on supply disruptions in Russia while uncertainty loomed over a potential peace deal in Ukraine. Brent futures fell $1.42, or 1.9%,

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 futures edged lower in early trade but were still poised for weekly gains of more than 1.5% on rising supply concerns and a weaker dollar.

Oil is headed for its biggest weekly gains since the middle of January as supply disruptions and rising demand supported sentiments. A weaker US dollar also boosted demand for the commodity. A weaker dollar makes commodities priced in the greenback cheaper for overseas buyers.