Trade disputes can also impact their economic growth.
Global benchmark Brent crude rose 76 cents to $81.02 a barrel by 0830 GMT, having dropped by 3.4 percent on Thursday.
Brent for December settlement rose 17 cents to settle at $80.43 on the London-based ICE Futures Europe exchange. It posted a weekly decline of roughly 4.4%. They were moving in step with a two-day selloff across global stock markets a move that raised concerns about economic resiliency and eventual energy consumption.
Overall, OPEC had boosted production by 735,000 bpd since May as Middle East Gulf producers such as Saudi Arabia and the UAE more than compensated for declining output in Venezuela and Iran, which is facing us sanctions from next month.
The price of global benchmark Brent crude has slid over $45 a barrel in June 2017 and peaked at over $85 in October.
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Both global oil demand and supply are now close to new, historically significant peaks at 100 million barrels per day, and neither show signs of ceasing to grow any time soon, according oil oil market report issued by the IEA.
Oil markets look "adequately supplied for now" after a big production increase in the last six months, but the industry is coming under strain, the West's energy watchdog said on Friday.
"The bearish alarm bells are ringing for next year's oil balance as market players brace for the return of a supply surplus", said Stephen Brennock of oil broker PVM. They include rising trade tensions, Fed policy tightening, and emerging-market weakness.. In addition, OECD inventors were expected to have risen by 43 million barrels in the third quarter, the highest quarterly increase in stocks since the first quarter of 2016.
Oil traders will watch Friday afternoon for the USA rig count, an indicator of upcoming production, which is expected at 1 p.m. from Baker Hughes. That followed three straight weeks of declines and was the largest weekly increase since the week ended August 10. It lost 6.9% for the week. Iranian exports have slumped about 26 percent to 1.8 million barrels a day.
Earlier this week, natural-gas futures climbed to their highest settlement since January. In the US Gulf of Mexico, companies cut output by 40 per cent on Thursday because of Hurricane Michael, even as some operators began returning crews to offshore platforms.