Following the decision of OPEC+ last year to keep its oil production policy unchanged, oil prices rose in early trade on Friday.

American West Texas Intermediate oil futures gained 40 cents, or 0.5%, to $74.22 per barrel. And those on Brent rose by 50 cents, or 0.6%, to 79.20 dollars per barrel at 0155 GMT. Both contracts fell by more than 2% on Thursday due to unverified reports about the ceasefire between Israel and Hamas. However, a Qatari official said there was no ceasefire

In a note released on Friday, analysts at ANZ Research said that these production cuts should keep supply tight in the first quarter, with non-OPEC production increases expected to normalize and US production growth slowing in 2024 to 300,000 barrels per day (bpd) from 800,000 bpd last year& worsen; re.