Oil prices traded lower on Friday but were still on track for a weekly gain after top producers Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.
Benchmark Brent crude futures slipped 0.1 percent to $89.91 a barrel, while WTI crude futures were down 0.1 percent at $86.75.
Both oil benchmarks hit 10-month highs earlier this week after Saudi Arabia announced its decision to extend its voluntary oil output cut of 1 million barrels per day for another three months.
Russia also extended its voluntary decision to reduce its oil exports by 300,000 bpd to the end of this year, raising speculation that prices will remain elevated through 2023.
Renewed concerns about the health of the Chinese economy led to some profit taking in oil prices today, but the downside remained capped by a weaker dollar.
The dollar edged lower against a basket of currencies but headed for its longest winning streak since 2014 on signs of a resilient U.S. economy.
