Oil prices were searching for direction this week amid demand uncertainty ahead of the much-anticipated OPEC+ meeting on Thursday.
International benchmark Brent crude traded at $80.77 per barrel at 3.31 p.m. local time (1231 GMT) on Friday, rising by about 0.36% relative to the closing price of $80.48 a barrel on Friday last week.
West Texas Intermediate (WTI), the American benchmark, traded at $75.94 a barrel at the same time on Friday, for an increase of around 0.53% from last Friday's session that closed at $75.54 per barrel.
Oil prices declined in the first half of the week, with demand worries intensified by low output data from the US, the world's biggest oil consumer.
The US oil rig count, an indicator of short-term production in the country, remained unchanged at 500 for the week ending Nov. 24, according to Baker Hughes data last Friday.
However, compared to last year, the number of US oil rigs declined by 127, fueling low demand speculation.
The US Energy Information Administration announced that commercial crude oil inventories increased by about 1.6 million barrels, compared to the American Petroleum Institute's prediction of a drop of about 817,000 barrels, adding to the pressure on oil prices and indicating a decline in demand.
Reports of disagreements about production quotas for next year between the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, contributed to increased supply uncertainty and a rise in oil prices.
Since 2022, the group has collectively agreed to cut about 5 million barrels of production daily, but the pledge to reduce output has failed to reduce excess supply on the global market.
Following the OPEC+ meeting on Thursday, a statement issued after the meeting confirmed that OPEC+ producers endorsed their previous output cut decision of 3.6 million barrels per day in order 'to ensure a stable and balanced oil market.'
It was also revealed that some member countries would make a voluntary additional production cut of 2.2 million barrels per day.
Experts commented that the individual quotas announced by the countries did not meet market expectations.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr