Oil prices were mixed on Friday as OPEC+ signals dissent within the group on whether to extend oil production cuts through 2021.
International benchmark Brent crude was trading at $47.81 per barrel at 0635 GMT for a 0.04% increase after closing Wednesday at $47.79 a barrel.
American benchmark West Texas Intermediate was at $45.04 per barrel at the same time for a 1.46% decrease after it ended the previous session at $45.71 a barrel.
The oil price retreated from its eight-month-highs on Friday as OPEC+ members signaled disagreement over extension of oil production cuts.
The OPEC+ group, which has curbed output since January 2017 to support prices, is now reducing production by 7.7 million barrels per day (b/d), down from cuts totaling 9.7 million b/d imposed from May 1 to Aug. 1.
The group decided to raise output by 2 million b/d starting next year in its previous agreement. However, markets expected a possible more-than-expected decrease in demand due to COVID-19 and OPEC+ signaled that it might delay this increase to keep supporting prices. After a steep rise in oil prices, members of the group lost the consensus on what to do next.
The group is due to decide on the extension on Nov. 30 and Dec. 1.
The upward trend in oil prices also pressured by expectations that the US ramps up shale oil production, which is seen more viable thanks to recent price hikes.
However optimism over positive vaccine COVID-19 developments limited the slump in oil prices, overshadowing the concerns caused by the increasing number of coronavirus cases, lockdowns and restrictions imposed by the countries as part of their mitigation efforts.
By Ebru Sengul Cevrioglu