China39;s May crude imports at 46.97 mln metric tons data
Brent down 2 so far this week

Singapore, June 7 Reuters Oil prices ticked higher on Friday, as reassurance from OPEC members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements, but markets were headed for their third straight weekly loss.

Brent crude futures rose 14 cents, or 0.2, to 80.01 per barrel and U.S. West Texas Intermediate crude futures rose 16 cents, or 0.2 to 75.71 as at 0657 GMT.

Oil prices managed to regain some ground over the past few days, tapping on some reassurances from OPEC around their latest supply decision, said Yeap Jun Rong, market strategist at IG.

We may expect oil prices to hover around the 76 to 80 level, as sentiments attempt to stabilise while awaiting cues for the next step.

Prices rallied on Thursday when Saudi Arabia and Russia tried to reassure markets on supply pacts. But they are set for a third straight week of declines after analysts saw Sunday39;s OPEC meeting as indicating rising supply, which is bearish for prices.

The Organization of the Petroleum Exporting Countries and allies, including Russia, agreed to extend most production cuts into 2025 but left room for voluntary cuts from eight members to be unwound gradually.

Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday OPEC can pause or reverse voluntary output increases if it decides the market is not strong enough.

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