Oil prices eased slightly on Friday as markets wait to see whether major producers will commit to an extension of record production cuts to support oil prices.

Brent crude futures were down 8 cents, or 0.2%, at $39.91 a barrel as of 0106 GMT and U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.4%, to $37.26 a barrel.

Still both benchmarks are set for a sixth weekly gain on the back of output cuts and signs of improving fuel demand as countries begin to ease restrictions to prevent the spread of the coronavirus.

WTI is up nearly 5%, while Brent has risen about 13% OPEC+ will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday citing an OPEC source. Three OPEC+ sources said earlier a ministerial video conference could be held this week, should Iraq and others agree to boost their adherence to existing supply cuts.

Source : Reuters