IGI Logo

Oil prices eked out modest gains as market participants weighed Russia's plan to cut its oil production.

The West Texas Intermediate (WTI) for March delivery rose 42 cents, or 0.53 per cent, to settle at $80.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 22 cents, or 0.25 per cent, to close at $86.61 a barrel on the London ICE Futures Exchange.

Russian Deputy Prime Minister Alexander Novak on Friday announced that the country plans to cut its oil production by 500,000 barrels per day in March.

Novak said the aim of the cut is to improve the market situation, reiterating the country will not comply with any Western price cap.

Traders also awaited US inflation data as the US consumer price index for January is set for release on Tuesday.

For the week ending Friday, the WTI advanced 8.6 per cent, while Brent rose 8.1 per cent, based on the front-month contracts.