The price of Brent crude oil remained around $60 a barrel in Asia on Friday on reports of investment cuts by oil firms and a weak US dollar.
Reuters reported that Brent crude for April delivery was trading up 95 cents at $60.23 and March Brent futures increased more than 4% to $57.05. US crude futures was up 77 cents at $51.98.
Daniel Ang of Phillip Futures was quoted by the news agency as saying: "Brent April 15 seem to be trending very near to the resistance of $60.40, suggesting that it would more likely trend downwards as prices consolidate after yesterday’s rise."
The quarterly gross domestic product growth in Germany was higher than forecast with possible support to prices. Eurozone GDP is scheduled later today.
France-based energy giant Total has unveiled investment and job cuts after a 50% decline in oil prices since June 2014.
Shell chief executive Ben van Beurden has warned that supply might not be able to keep up with increasing demand due to reduction in budgets by companies.
American oil and gas exploration and production firm Apache said it will cut capital expenditures and its rig count in 2015 due to the drop in oil prices, forcing it to slow down drilling work.