Oil prices slipped on profit taking Wednesday after four days of consecutive gains in the aftermath of the OPEC+ announcement of further oil output cuts.
The downside remained capped by a weaker dollar after overnight data showed weakness in the U.S. labor market.
Brent crude futures slipped 0.1 percent to $84.88 a barrel, while WTI crude futures were down 0.2 percent at $80.58.
The dollar wallowed near two-month lows as weak U.S. economic data this week fueled speculation that the Federal Reserve is at the end of its tightening cycle.
Investment bank Goldman Sachs said the production cuts announced by OPEC and its allies could result in a significantly larger deficit in the market.
Helping keep oil prices steady, industry data on Wednesday showed a fall in U.S. crude inventories.
U.S. crude oil inventories fell by around 4.3 million barrels in the week ended March 31, according to data from the American Petroleum Institute.
The U.S. Energy Information Administration publishes its official weekly report later in the day.
