WASHINGTON (dpa-AFX) - Oil prices were subdued on Friday after two straight sessions of gains. Prices were on track for a weekly loss after an unexpected announcement by OPEC+ to return some supply this year.
Benchmark Brent crude futures were little changed at $79.84 a barrel, while WTI crude futures were down 0.1 percent at $75.52.
Market concerns about oversupply and lingering concerns over the demand outlook prompted some members of the alliance to reassure the market they are committed to stability.
On Thursday, the Saudi energy minister said OPEC+ can pause or reverse oil production increases if the market weakens.
Investors also pinned hopes for interest-rate cuts by the Federal Reserve later this year after European Central Bank and the Bank of Canada cut interest rates.
It is widely expected that a rate cut by the U.S. central bank could stimulate economic activity and boost oil demand.
On the data front, China reported mixed trade numbers for May earlier today.
Focus now shifts to the U.S. jobs report due later in the day that could influence the timing and pace of Fed rate cuts.
Currently, the probability of U.S. Federal Reserve's first interest rate cut is rated at 81 percent for September and 83 percent for November.
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