Crude oil trading mixed on Friday as Saudi Arabia's production cuts and low U.S. oil supply plans helped offset the risk of slower fuel demand.
US WTI crude futures fell 7 cents to $ 52.27 a barrel, after falling 1.0% in the previous trading session.
The benchmark Brent crude rose 13 cents to $ 55.23 a barrel, down 0.5% on Thursday.
Expected supply cuts have backed the market, with Saudi Arabia starting to reduce crude oil production by 1 million barrels a day in February and March.
In addition, the compliance of OPEC member countries and its allies, OPEC + with production reductions was also reported to have increased in January.
The 9.9 million barrel drop in U.S. oil inventory last week by the Energy Information Administration (EIA), and forecasts for a small reduction in U.S. oil production in February also helped support the market.
At the same time, however, delays in the distribution of Covid-19 vaccines and coronavirus restrictions in Europe are still affecting crude oil trade.
