Oil prices showed an upward trend early on Friday following a report indicating that the Organization of the Petroleum Exporting Countries (OPEC) will maintain its voluntary output cuts. The bloc will postpone any decision on extending these reductions until March, as per Reuters, which cited anonymous sources familiar with the discussions.
Since November, OPEC and Russia have collectively committed to reducing output by 2.2 million barrels per day, in addition to the previously agreed-upon cut of 3.66 million barrels per day across the bloc.
The U.S. benchmark, West Texas Intermediate, experienced a 0.8% increase, reaching $74.43 per barrel. Meanwhile, Brent crude, the international standard, rose by 0.9%, reaching $79.36 per barrel.
Despite these recent gains, oil prices have witnessed a decline of over 5% in the past week, with a 2% drop occurring on Thursday alone. This downward pressure primarily stems from speculation surrounding a potential ceasefire agreement between Israel and Hamas. Additionally, market confidence has been shaken by the Federal Reserve's resistance to early interest-rate cuts.
In related news, Exxon and Chevron are scheduled to release their earnings reports on Friday.
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