Updates with closing price

Singapore, June 7 (Reuters) -Malaysian palm oil rose for a second consecutive session on Friday, tracking firm crude oil prices, although the market logged a weekly loss.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange closed 0.4% higher at 3,976 ringgit ($848.12) per metric ton. The contract has lost over 2%this week.

A lack of demand and rising supplies are likely to keep a lid on prices, said a Kuala Lumpur-based trader.

"This 3,800-4,000 ringgit trading range will continue unless we see really good demand."

Dalian's most-active soyoil contract DBYcv1 gained 1.8%,while its palm oil contract DCPcv1 rose 2%. Both contracts were also down for the week.

Meanwhile, soyoil prices on the Chicago Board of Trade BOcv1 fell 0.5%.

Palm oil prices are influenced by the movements of related oils as they vie for a portion of the global vegetable oils market.

Oil prices were little changed after rising in the previous session as reassurances from OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements. O/R

Higher crude oil futures make palm a more attractive option for biodiesel feedstock.

The market spotlight is on the Malaysian Palm Oil Board's (MPOB) monthly data due on June 10. According to a Reuters poll, palm oil inventories by the end of May were seen at 1.75 million metric tons, up 0.39% from April.

The poll projected exports of palm oil products to have surged by 14.32% in the same period to 1.41 million tons.

India's palm oil imports rose by 12.4% in May on a monthly basis, five dealers told Reuters. India is the world's biggest importer of vegetable oils.

($1 = 4.6880 ringgit)

Reporting by Ashitha Shivaprasad in Singapore; Editing by Varun H K, Sohini Goswami and Eileen Soreng

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