Oil prices rose as U.S. demand outweighed worries over weak global growth.
Prices gained some support after the U.S. energy department said Friday that it will refill its strategic petroleum reserve through to May, hoping to buy 3 million barrels of crude in March.
Still, worries remain over demand, with Brent down 17% this quarter, amid slower global growth and market skepticism over OPEC+ cuts.
“The 1.7 million barrel a day reduction in output should provide some support to physical balances but the market will have to be convinced before any (of) these cuts are priced in,” ANZ said.