Oil prices edged higher on Friday, after having suffered heavy losses in the previous session on concerns about weakening demand in top consumer China.
Benchmark Brent crude futures rose half a percent to $90.18 a barrel, while WTI crude futures were up 0.9 percent at $82.33.
Brent prices tumbled 3.3 percent on Thursday and WTI crude contract lost 4.6 percent amid worries about mounting COVID-19 cases in China and fears of more aggressive rate hikes by the U.S. Federal Reserve to curb inflation.
Oil prices remain on track for a second weekly decline as markets contend with growing recession worries.
Brent is on track for a decline of nearly 6 percent while WTI is down 7 percent.
The dollar eased today, but headed for its largest weekly gain in a month in the wake of hawkish comments from more U.S. Federal Reserve officials.
St Louis Fed President James Bullard said the central bank needs to keep raising interest rates as its tightening has only 'limited effects on observed inflation'.
Separately, Minneapolis Fed Bank President Neel Kashkari said the U.S. central bank should not stop rate hikes until it's clear that inflation has peaked.
The EU is poised to start curbing Russian seaborne crude flows from early December, leading to an uncertain supply outlook heading into winter.
OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4 to consider production policy for early 2023.
