The price of Brent oil price was heading for a weekly gain of around 23% on Friday as the global oil market awaits action from OPEC to trim some of the oversupply in the global oil market caused by low demand.

The price of Brent crude was trading at $28.94 per barrel at 1200GMT on Friday, as the international benchmark was heading for a 23.2% weekly gain after it opened Monday at $23.48 a barrel.

American benchmark West Texas Intermediate (WTI) was at $26.71 a barrel at the same time, heading for a 33% weekly increase, after starting Monday

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