US West Texas Intermediate (WTI) crude oil struggled to gain any meaningful traction during the Asian session on Friday and remained on the defensive below the monthly high around the $70.30 area touched the previous day.
The commodity was trading around $70.13 a barrel, up 0.27% at midday on Friday in Asian trading despite mixed indicators.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) last week decided to delay a planned supply increase by three months until April and extend the full easing of cuts by a year until the end of 2026.
The move to reduce oil prices for Asian buyers highlights concerns about a further slowdown in demand.
Meanwhile, the International Energy Agency in its monthly report expects non-OPEC+ countries to increase supply by about 1.5 million barrels per day next year, exceeding the forecast demand growth of 1.1 million barrels per day.
However, the market remained calm amid concerns about supply disruptions stemming from tight sanctions on Russia and Iran.
In addition, hopes that China's stimulus measures could boost demand in the world's top oil importer and signs of US economic resilience offered some support to the commodity.
