The West Texas Intermediate (WTI), the benchmark for New York-traded crude oil, remains idle within the broad boundaries between $57.00 to $61.50.
(WTI) has struggled throughout the week to attract any momentum even after a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, a group known as OPEC+, will gradually increase supplies by 2 million barrels per day between May and July.
Meanwhile, concerns are slowly surfacing that renewed lockdowns in parts of the world to curb rising COVID-19 cases and vaccinations problems could alter the oil demand picture.
Next, eyes turn to the Baker Hughes oil rig count update.
Although the view is neutral, potentially, the bears could soon seize the opportunity and take the journey lower.