Oil prices were little changed during Asian trade on Friday, though were headed for their first weekly gain in five weeks, underpinned by a weaker U.S. dollar and the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5, APA reports citing Reuters.
Brent crude futures for November, which expire on Friday, inched down 10 cents or 0.1% to $88.39 a barrel by 0303 GMT, after losing 83 cents in the previous session. The more active December contract was unchanged at $87.18.
U.S. West Texas Intermediate (WTI) crude futures for November delivery rose 0.1% or by 9 cents to $81.32 a barrel, after falling 92 cents in the previous session.
"A deteriorating crude demand outlook won't allow oil to rally until energy traders are confident that OPEC+ will slash output at the October 5th meeting," Edward Moya, senior analyst with OANDA, said in a client note.
"The weakness with crude prices is somewhat limited as the dollar softens going into quarter-end.