Oil prices reversed earlier losses and inched up in Asian trade on Friday, supported by a weaker US dollar and as diesel inventories fell, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production.
Brent crude futures rose 29 cents, or 0.3 per cent, to $94.86 per barrel by 0242 GMT, while US West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.35 per cent, at $89.42 per barrel.
Both contracts however were down for the week by about 3 per cent after two prior weeks of gains amid recession concerns.
“The softened US dollar and the strong rebound in risk assets lifted oil prices, the rebounding momentum may continue into today’s Asian session,” said Tina Teng, an analyst at CMC Markets,
