Oil prices rose on Friday as investors were optimistic that the US-China trade dispute could be resolved, but oil was on track to record a loss for the fourth consecutive week.

Meanwhile, the output of Russia, the world's largest oil producer, rose to an all-time high, according to data from a unit of the Russian Energy Ministry on Friday. The country's average crude oil and condensate production reached 11.412 million bpd last month, Post-Soviet period, approaching its highest levels ever.

Exceptions from Iranian sanctions

Markets expect the United States to impose sanctions on Iranian exports on November 4, raising concerns about supply shortages and curbing price gains.

WASHINGTON (Reuters) - The United States will grant exemptions from sanctions on Iranian oil imports to eight countries as soon as the measure comes into force on Sunday, US media reported on Friday, quoting sources close to the subject.

The countries that will be allowed to buy some oil from Tehran despite the ban include China, Japan, India and South Korea, the Bloomberg report said. The remaining four states that will be granted sanctions exemptions are likely to include other allies of the United States. However, Washington is expected to announce the full list of countries that were waived only after the sanctions came into effect.

Trump urged all nations in June to completely stop buying oil from Iran by November 4 and threatened "strong sanctions" if they failed to do so.

However, State Department spokesman Robert Paladino said earlier this week that the United States was considering exemption for some countries. On Thursday, The Washington Times reported that Washington would allow Indian oil companies to import as much as 1.25 million tons per month of Iranian oil until March 2019.

Oil trading

• WTI crude for December delivery rose 0.14% to $ 63.78 a barrel,
• Brent crude futures for January delivery rose 0.44% to $ 73.21 a barrel at 8:16 GMT.