Oil prices rangebound as supply cuts offset virus worries | Reuters

Oil prices rangebound as supply cuts offset virus worries | Reuters

Oil prices edged up on Friday but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts offset a cut in Saudi Arabian oil supply and falling U.S. oil inventories.

Brent crude futures for March rose 24 cents, or 0.4%, to $55.77 a barrel by 1126 GMT.

The Brent March contract expires on Friday. The more active April contract was up 26 cents, or 0.5%, at $55.36.

U.S. West Texas Intermediate (WTI) crude futures rose 3 cents, or 0.1%, to $52.37.

A Reuters poll showed that oil prices will hover around current levels for much of 2021 before a recovery gains traction towards the end of the year.