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Oil prices pared losses on Friday, after falling sharply in early trade and by over 2 percent on Thursday on perceptions that the voluntary oil output cuts agreed by OPEC+ producers were underwhelming.
Brent crude futures for February rose 6 cents, or 0.1 percent, to $80.92 a barrel by 0820 GMT. U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2 percent, to $76.13.
OPEC+, which pumps over 40 percent of the world’s oil, is focusing on reducing output as prices have fallen from about $98 in late September amid concerns over weaker economic growth in 2024 and expectations of a supply surplus.
