March 1 Reuters Oil prices edged up on Friday and were set to end the week modestly higher as markets awaited an OPEC decision on supply agreements for the second quarter amid differing demand indicators for key consumers U.S. and China.

Brent futures for May climbed 31 cents, or 0.38, to 82.22 a barrel by 0645 GMT, while U.S. West Texas Intermediate WTI for April rose 24 cents, or 0.31, to 78.50.

WTI is on track for at least a 2.5 increase this week, while Brent is holding near last week39;s settlement price. Brent has hovered comfortably above the 80 mark for three weeks.

Brent crude prices continued to trade sideways this week… Brent at USD83bbl has shown recent strength although fundamentals remain tilted to oversupply, said BMI analysts in a client note.

Expectations of a continuation of OPEC production cuts into Q224 is also weighing on sentiment as soft demand is expected to persist…However, timespreads for Brent futures contracts have widened. The move to stronger backwardation market structure will be supportive of a more bullish stance for prices as markets are pricing in tightening in the months ahead, the analysts added.

A Reuters survey showed the Organization of the Petroleum Exporting Countries pumped 26.42 million barrels per day bpd this month, up 90,000 bpd from January. Libyan output rose monthonmonth by 150,000 bpd.

A decision on extending the cuts is expected in the first week of March, sources have said, with individual countries expected…