Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply.
West Texas Intermediate traded below $62 a barrel after closing 1.7% lower on Thursday. Brent settled near $65. A peace agreement between Israel and Hamas took another major step forward following Israel's approval of a framework that would see hostages and prisoners released.
OPEC+ agreed to raise production quotas again at a gathering on Sunday, exacerbating concerns of an oversupplied market in the coming months. Still, the 137,000-a-day output boost for November was less than some of the figures reported in the lead up to the group's meeting.
Read More: US Hits Firms Moving Iranian Oil and Major China Crude Terminal
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Prices:
WTI for November delivery was little changed at $61.61 a barrel at 7:34 a.m. in Singapore.
Brent for December settlement closed 1.6% lower at $65.22 a barrel on Thursday.
Source: Bloomberg
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