Oil steadies on prospect of OPEC+ output cut, weaker dollar
Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, underpinned by a weaker US dollar and the possibility that OPEC+ may agree to cut crude output when it meets on October 5.
US West Texas Intermediate (WTI) crude futures for November delivery rose 6 cents to $81.29 a barrel at 0054 GMT after falling 92 cents in the previous session.
Brent crude futures for November, which expire on Friday, inched up 2 cents to $88.51 a barrel, after losing 83 cents in the previous session. The more active December contract gained 1 cent to $87.19.
Both Brent and WTI are on track to rise by about 3 per cent for the week, their first weekly rise since August, after hitting nine-month lows earlier in the week.
