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Investing.com--Oil prices rose Friday, bouncing off their weakest levels for the year on talk that major producers could still limit planned output rises if the market was weak enough.
At 08:10 ET (13:10 GMT), Brent oil futures expiring in May rose 1.3% to $70.38 a barrel, while West Texas Intermediate crude futures rose 1.4% to $67.26 a barrel.
OPEC+ could reverse planned output hike
Concerns over increasing supply have dented oil prices this week, after the Organization of Petroleum Exporting Countries and allies (OPEC+) voted to increase production next month.
However, Russia’s Deputy Prime Minister Alexander Novak said, earlier Friday, that OPEC+ could still reverse its oil output hike after April if needed.
Novak told reporters that the producer group will go ahead with the April increase, but after that it may consider other steps.
"I there is an imbalance in the market. We can always play in the other direction," he said.
Oil heads for weekly loss
That said, despite Friday’s gains, Brent and WTI futures were set to lose over 3% for this week, their third consecutive week in red. The two contracts had been heading for their worst weekly drop since early-October before the late gains.
Oil markets were battered by U.S. President Donald Trump imposing increased trade tariffs on several major economies, including top global oil importer China.
The tariffs ramped up concerns that disruptions in global trade will dent economic growth, in turn hurting oil demand.
China retaliated against the U.S. tariffs, as did Canada. Mexico is set to announce retaliatory measures on Sunday.
The tariffs are also set to impact the U.S. and Canadian oil industry, although the U.S. made some exemptions for energy imports from Canada.
Data showing a bigger-than-expected build in U.S. oil inventories weighed on oil prices, especially as it came amid increasing fears of slowing fuel demand.
Focus this week is on more cues on the U.S. economy from nonfarm payrolls data for February, due later in the day.
(Ambar Warrick contributed to his article.)