Oil is on track for a weekly rise amid concerns about global supply. In early Asian trade Friday, prices fell slightly.

Brent crude futures for July were down 21 cents, or 0.2 percent, at $117.19 a barrel at 0642 GMT after reaching $118.17 earlier in the session. The benchmark index was still on track for a gain of about 4% this week. West Texas Intermediate (WTI) crude oil futures were down 24 cents, or 0.2%, at $113.85 a barrel. WTI is poised for a weekly gain of about 0.5%.

Elsewhere, gold prices firmed. Spot gold was up 0.4% at $1,857.79 an ounce, as of 0802 GMT. U.S. gold futures were also up 0.4 percent at $1,855.50. Spot silver climbed 0.9 percent to $22.19 an ounce, and has gained about 2 percent so far this week. Platinum rose 0.2% to $951.63. Palladium gained 0.7% to $2,028.00, and was poised for a weekly gain of about 3.5%, the largest since early April.