Brent crude futures rose 11 cents, or 0.2%, to $66.49 a barrel at 08:54 GMT, and U.S. West Texas Intermediate crude rose 4 cents to $62.41. Brent and WTI benchmarks fell 1.7% and 2%, respectively, on Thursday.
The International Energy Agency's monthly report on Thursday stated that global oil supply will rise faster than expected this year due to planned production increases by the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia.
However, OPEC's own report on the same day left unchanged its relatively high forecast for oil demand growth this year and next, stating that the global economy is maintaining a solid growth trend. Despite downside risks to oil prices, factors such as tight distillate markets, continued purchases from China to replenish supplies, and potential sanctions on Russia and secondary sanctions on its customers remain supportive of the market, said PVM Oil Associates analyst John Evans.
