Early on Friday, WTI crude oil prices are trading bullish and look all set to post gains for the third consecutive week after leading oil producers pledged to commit to deeper production curbs to offset weakness in oil demand. At the time of writing, WTI crude oil is trading at around $42.91 per barrel.

So far this week, WTI crude oil has posted gains of around 2% even amid uncertainty around economic recovery and pick-up in oil demand globally continue to weigh on the sentiment. During the previous session, US oil prices fell by around 1% following the release of weekly jobless claims figures which came in higher than economists’ forecast.

However, crude oil enjoys support after the OPEC+ meeting in which leading oil producers of the world reiterated their commitment towards ensuring that members cut their oil output in accordance with the agreed upon curbs. Some countries that are part of OPEC+ would have to implement supply cuts as high as 2.31 million bpd to offset oversupply on their part in the past few months.

According to an internal report by OPEC and allies, global oil demand is expected to decline by 9.1 million bpd, higher than their previous forecast by 100k bpd. An extended second wave of coronavirus infections among the leading consumers of oil could cause demand to fall by as much as 11.2 million bpd this year.