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Brent crude futures were up $2.07, or 1.9%, at $111.10 a barrel
by 0911 GMT, having dropped to $108.03 a barrel earlier in the
session.
WTI crude futures gained $1.80, or 1.7%, to $107.56 a barrel,
after retreating to $104.56 a barrel earlier.
Both contracts fell around 3% on Thursday, ending the month
lower for the first time since November.
We "still see risks to prices as skewed to the upside on tight
inventories, limited spare capacity and muted non-OPEC+ supply
response," Barclays said in a note.
Libya's National Oil Corporation declared force majeure on
Thursday at the Es Sider and Ras Lanuf ports as well as the El
Feel oilfield. Force majeure is still in effect at the ports of
Brega and Zueitina, NOC said.
Production has seen a sharp decline, with daily exports ranging
between 365,000 and 409,000 bpd, a decrease of 865,000 bpd
compared to production in "normal circumstances", NOC said.
Elsewhere, 74 Norwegian offshore oil workers at Equinor's
Gudrun, Oseberg South and Oseberg East platforms will go on
strike from July 5, the Lederne trade union said on Thursday,
likely halting about 4% of Norway's oil production.
Ecuador's government and indigenous groups' leaders on Thursday
reached an agreement to end more than two weeks of protests
which had led to the shut-in of more than half of the country's
pre-crisis 500,000 bpd oil output.
On Thursday, the OPEC+ group of producers, including Russia,
agreed to stick to its output strategy after two days of
meetings. However, the producer club avoided discussing policy
from September onwards.
Previously, OPEC+ decided to increase output each month by
648,000 barrels per day (bpd) in July and August, up from a
previous plan to add 432,000 bpd per month.
U.S. President Joe Biden will make a three-stop trip to the
Middle East in mid-July that includes a visit to Saudi Arabia,
pushing energy policy into the spotlight as the United States
and other countries face soaring fuel prices that are driving up
inflation.
Biden said on Thursday he would not directly press Saudi Arabia
to increase oil output to curb soaring prices when he sees the
Saudi king and crown prince during a visit this month.
Oil prices are expected to stay above $100 a barrel this year as
Europe and other regions struggle to wean themselves off Russian
supply, a Reuters poll showed on Thursday, though economic risks
could slow the climb.
India introduced export duties on gasoil, gasoline and jet fuel
on Friday to help maintain domestic supplies, while also
imposing a windfall tax on oil producers who have benefited from
higher global crude oil prices.
(Additional reporting by Stephanie Kelly and Yuka Obayashi;
editing by Jason Neely)
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