Oil prices were mostly unchanged on Friday as markets reacted to fresh U.S. inflation figures and news that OPEC+ may resume increasing output starting in April, calming earlier losses. Brent crude futures rose by 9 cents to $67.61 a barrel, while U.S. West Texas Intermediate (WTI) held steady at $62.84 by mid-afternoon.
Both benchmarks were on track for weekly declines after falling nearly 3 % the previous day. Brent was set to finish the week about 0.6 % lower, with WTI down roughly 1.1 %.
Prices slipped earlier in the session following a Reuters report that OPEC+ is leaning toward output increases in response to stronger crude prices and expected higher summer fuel demand, surprising some investors.
However, oil rebounded after U.S. consumer price data showed inflation rose less than expected in January, a result that could support further U.S. interest rate cuts and lift risk appetite among traders.
Earlier in the week, oil had strengthened on geopolitical worries, including the possibility of U.S. military action against Iran. But remarks from U.S. President Donald Trump suggesting a diplomatic deal with Iran within a month contributed to Thursday’s price drop.
Beyond the Middle East, Russia confirmed peace talks on Ukraine next week, while U.S. officials said the Treasury plans to ease sanctions on Venezuelan energy, boosting U.S.-controlled oil sales to over $1 billion since January with another $5 billion expected soon.
