Oil rose after OPEC and its allies agreed to boost oil production by 137,000 barrels a day in December, but said they wouldn't increase production in first three months of 2026 due to seasonality.
The move caps a dramatic month in oil markets, riven by concerns of a supply glut and uncertainty over sanctions on Russian producers.
Eight OPEC+ countries on Sunday agreed to raise oil output in December by 137,000 barrels per day and then to pause the output hikes for the first quarter of 2026, OPEC+ said in a statement.
The cushion could protect the country from any short-term supply disruptions related to new U.S. sanctions on Russian crude.
Escalating U.S. tensions with Venezuela and an upcoming monthly decision by major oil producers on crude output targets were the focus of traders heading into the weekend.
Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.
Oil fell in the early Asian session. “The market is now watching this weekend's OPEC+ meeting and discussions of its output policy,” ANZ Research said.
Crude oil slips near $60 as oversupply fears persist. Traders eye the Nov 2 OPEC+ meeting and natural gas consolidation ahead of a possible breakout.
Oil prices held on to most gains from the previous session in early trading on Thursday as investors awaited U.S.-China trade talks later in the day, hoping for signs that tensions clouding the economic growth outlook will ease.
Oil edged lower in the early Asian session as traders assess various geopolitical risks.
U.S. crude oil inventories posted a bigger-than-expected decline of 6.9 million barrels last week as imports fell and exports rose, said the EIA.
Norway's sovereign-wealth fund returned 5.8% in the third quarter, driven by particularly strong returns in basic materials, telecommunications and the financial sector.