Oil prices edged higher on Friday as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply.
Brent crude futures LCOc1, the benchmark for international oil prices, were trading at $57.20 per barrel at 1229 GMT (7:29 a.m. ET), up 31 cents from the previous close.
In the United States, West Texas Intermediate (WTI) crude futures CLc1 were at $54.05 a barrel, 29 cents above their last settlement.
The contracts were largely flat on the week after days of choppy trading.
“There’s a lot of volatility, or at least changes in direction,” ABN Amro senior energy economist Hans van Cleef said. “People think the long-term trend is up, but after a gain of a few dollars, they take profit.”
Production cuts by OPEC kingpin Saudi Arabia and signs that it plans further trims have helped buoy the market.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.