Oil attempts rebound amid oil freeze deal talks

Oil prices on both the sides of the Atlantic brought an end to its four-day losing streak and rebounded higher on the final trading day of the week. However, the black gold is headed for the biggest weekly decline since mid-January.

Oil awaits US rigs, jobs

Currently, both crude benchmarks swing higher, with Brent up 0.70% at $ 45.77, while WTI rallies +0.81% to 43.50. Oil prices edged higher this Friday, after having booked over 3% losses a day before, as markets absorb a string of headlines on output freeze deal talks from Russia and Saudi Arabia.

Saudi Arabian Foreign Minister said earlier on the day that he is optimistic that an oil deal can be reached. While Russia’s Prime Minister Putin pushed for oil freeze deal with OPEC, exemption for Iran.

Moreover, a bout of profit-taking ahead of the US rigs count data and NFP report cannot be ruled out as a reason behind the upmove in the black gold.