Oil steady as supply cuts offset demand worries on stalled vaccine rollouts
Oil prices were mixed on Friday as a pending supply cut by Saudi Arabia and lower US oil stocks helped counter risks of slowing fuel demand due to stalled vaccine rollouts and contagious new coronavirus strains.
US West Texas Intermediate (WTI) crude futures slipped 3 cents to $52.31 a barrel at 0151 GMT, after falling 1.0% on Thursday.
Brent crude futures for March rose 14 cents, or 0.3%, to $55.67 a barrel, after falling 0.5% in the previous session.
The Brent March contract expires on Friday. The more active April contract rose 11 cents, or 0.2%, to $55.21.
Supply cuts are supporting the market. Saudi Arabia is set to cut output by 1 million barrels per day (bpd) in February and March, and compliance with output curbs by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, has improved in January.
