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Oil Edges Higher on OPEC+ Reassurances

Oil prices ticked higher on Friday, as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements, but markets were headed for their third straight weekly losses.

Brent crude futures rose 2 cents to $79.89 per barrel, and U.S. West Texas Intermediate crude futures rose 4 cents to $75.59 as of 0318 GMT.

“Oil prices managed to regain some ground over the past few days, tapping on some reassurances from OPEC+ around their latest supply decision,” said Yeap Jun Rong, market strategist at IG.

“We may expect oil prices to hover around the $76-$80 level, as sentiments attempt to stabilise while awaiting cues for the next step.”

Prices rallied on Thursday when Saudi Arabia and Russia tried to reassure markets on supply agreements. But they are set for a third straight week of declines after analysts saw Sunday’s OPEC+ meeting as indicating rising supply, which is bearish for prices.

The Organisation of the Petroleum Exporting Countries and allies, including Russia, agreed to extend most production cuts into 2025 but left room for voluntary cuts from eight members to be unwound gradually.

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