Oil prices closed with little change on Thursday, but marked gains for the third consecutive week, as markets fluctuated between additional production cuts targeted by OPEC+ and a decline in U.S. oil inventories on one hand, and concerns about global economic forecasts on the other.
Brent crude closed up 13 cents, or 0.2%, to $85.12 per barrel. West Texas Intermediate crude closed up nine cents, or 0.1%, settling at $80.70.
Both benchmarks jumped more than six percent this week after OPEC+, which includes members of the Organization of the Petroleum Exporting Countries and allies such as Russia, surprised the market on Sunday with commitments to production cuts.
