Traders have found some comfort from a continued slowdown in US output, supply disruptions within OPEC, and raised expectations that a March 20 meeting between OPEC and non-OPEC members will lead to the introduction of a cap on production.

Producers plan to meet on March 20 when renewed attempts to agree on a production cap will be made. Disruptions to pipelines carrying around 600,000 barrels/day of oil from Kurdish-controlled areas in northern Iraq combined with outages in Nigeria triggered a slowdown in February which helped more than offset increased flows from Iran.

Nigeria on Thursday said key crude producers plan to meet this month in Russia to discuss a proposed output freeze.

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. decreased by eight last week to 392, the 11th straight weekly decline and the lowest level since 2009.

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