Oil edged up on Friday in light of OPEC+'s agreement to maintain its current oil output strategy, however benchmarks were expected to experience weekly dips due to unverified rumours of an Israeli-Hamas ceasefire.

Brent crude advanced by 0.6%, to $79.14 per barrel meanwhile US WTI rose by 0.5% to $74.18 a barrel.

Two OPEC+ sources reported on Thursday that the organization has not altered its oil output trajectory, and will make a decision in March regarding the extension of Q1’s voluntary oil output cuts.

The decision by Fed to maintain the interest rate between 5.25% and 5.50% also helped to bolster oil prices, remarks made by Chair Jerome Powell, who predicted that interest rates will decline in the upcoming months after reaching a peak.

Interest rate cuts will lower consumer borrowing costs, consequently buoying economic advance and boost demand on oil.

Oil was on course for weekly dips around 5%, due to unverified allegation of ceasefire between Israel and Hamas.