(MENAFN) According to Reuters, oil prices were little changed during Asian trade on Friday, but were on track for their first weekly rise in five weeks, supported by a lower US dollar and the chance that OPEC+ may agree to cut petroleum supply when it meets on Oct. 5.
Brent oil futures for November, which expire on Friday, fell 10 cents, or 0.1%, to $88.39 a barrel at 0303 GMT, after falling 83 cents the previous session. The more actively traded December contract remained steady at $87.18.
WTI crude futures in the United States for November delivery increased 0.1%, or 9 cents, to $81.32 per barrel, after sliding 92 cents the previous day.
"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, stated in a client note.
"The weakness with crude prices is somewhat limited as the dollar softens going into quarter-end."
After reaching nine-month lows earlier in the week, both Brent and WTI are on course to increase by nearly 3% for the week, their first weekly advance since August.
The decline in the dollar from 20-year highs earlier in the week supported oil prices. A weakening dollar makes dollar-denominated oil more affordable to customers holding foreign currencies, increasing demand for the commodity.
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