OPEC+ has recently hinted it could impose deeper output cuts to spur a recovery in crude prices.
Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.
U.S. crude fell $1.33, or 1.6 %, to settle at $79.68, 2% lower on the week.
"If Russian supply remains strong heading into next month, oil is probably going to continue to trend lower," said John Kilduff, partner at Again Capital LLC in New York.
He added that profit taking ahead of the weekend may also have driven prices lower.