WASHINGTON (dpa-AFX) - Oil ticked higher on Friday but headed for its biggest weekly loss since early November after reports that Hamas and Israel have come to an agreement on a ceasefire, a crucial step toward ending the conflict.
Benchmark Brent crude futures rose 0.4 percent to $79.04 per barrel, while WTI crude futures were up 0.4 percent at $74.14.
Traders closely watched the developments regarding negotiations of a cease-fire in the Israel-Hamas war.
The Gaza ruling group Hamas has finally given 'greenlighted' the ceasefire proposal and release of Israeli hostages, but talks are still in the early stages.
A weaker dollar lent some support to oil prices ahead of the all-important U.S. jobs report due later in the day.
Traders were also reacting to the OPEC+ decision to keep its oil output policy unchanged.
At an online review meeting on Thursday, the oil cartel signaled that it would maintain output cuts for the first quarter to avert a surplus amid easing global demand.
OPEC reaffirmed its 'readiness to take additional measures at any time,' according to the Joint Ministerial Monitoring Committee, which will meet again on April 3.
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