Oil prices steadied on Friday after new U.S. inflation data helped markets recover from earlier losses triggered by reports that OPEC+ may resume increasing oil production from April. Brent crude edged up to around $67.6 a barrel, while U.S. West Texas Intermediate held near $62.8. Despite the rebound, both benchmarks remain on track for weekly declines following sharp losses earlier in the week.
Prices had fallen after news that OPEC+ is leaning toward raising output ahead of peak summer demand, easing concerns about tight global supply. However, softer-than-expected U.S. inflation data improved investor sentiment by raising hopes of possible interest rate cuts, which could support economic growth and energy demand.
Earlier gains in oil had been driven by tensions surrounding U.S.-Iran relations, though recent diplomatic signals reduced some of those concerns. Meanwhile, developments involving Russia, Ukraine, and Venezuela continue to influence global supply expectations, keeping oil markets sensitive to geopolitical and economic shifts.
