Oil dips on uncertainty over producers’ commitment to output cuts

Oil prices eased slightly on Friday as markets wait to see whether major producers will commit to an extension of record production cuts to support oil prices.

Brent crude futures were down 5 cents, or 0.1%, at $39.94 a barrel as of 0051 GMT and U.S. West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.4%, to $37.27 a barrel.

Still, both benchmarks are set for a sixth weekly gain on the back of output cuts and signs of improving fuel demand as countries begin to ease restrictions to prevent the spread of the coronavirus.

WTI is up nearly 5%, while Brent has risen about 13%