Even though oil prices increased on Friday, they were on track to decrease for a second straight week as worries about a supply shortage subsided and the currency strengthened ahead of a speech by Federal Reserve Chair Jerome Powell.

Brent crude advanced by 0.5% to $83.75 per barrel meanwhile U.S. West Texas Intermediate crude added 0.5% at $79.44 per barrel.

Crude oil prices are predicted to drop for the week by 1.2% to 2.2%, marking the second straight week of decline.

The safe-haven dollar experienced its greatest gain in a month as a result of investor nervousness ahead of Powell's statements at the Jackson Hole Symposium. Markets were waiting for information on how long rates would remain high.

Concerning the supply, negotiations on the resumption of crude oil exports from northern Iraq are still ongoing between Turkey and the semi-autonomous Kurdistan regional government of Iraq. Earlier this week, however, these negotiations came to naught.

Even though U.S. sanctions are still in effect, the market is keenly watching Iranian oil flows since the nation's crude oil output is expected to hit 3.4 million barrels per day by the end of September, according to state media.