Heading into the week-end trading, crude oil prices showed an encouraging performance by being on track to record weekly gains.
In the European session, Brent crude oil futures traded higher at around $87 a barrel after gaining around 3.5% this week.
Meanwhile, US WTI traded stronger at around $83 a barrel following a 4.7% increase this week.
Both benchmarks traded at three-week highs.
Among the factors seen supporting this strengthening is the prospect of tighter oil supply following the expected deep production reduction by producing countries.
Russian Deputy Prime Minister Alexander Novak said that Moscow had reached a new agreement with member countries in OPEC+ to further reduce supply.
The cuts are likely to add support to ongoing ongoing supply cuts by Russia and Saudi Arabia.
That factor indirectly helped the oil market offset the impact of weak economic signals from the United States and China this week.
The second reading of US gross domestic product (GDP) data showed a slower pace, growing 2.1% in the second quarter from 2.4% in the first figure released in July.
