Analysts predict a slight output hike when the group of eight oil-producing countries known as the "Voluntary Eight" (V8) holds its online meeting
The meeting comes as oil prices head for weekly losses and rumours of a possible output increase
The survey of 31 economists and analysts predicted that Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision.
Brent crude futures rose 22 cents, or 0.3 percent, to $73.80 a barrel by 0450 GMT
Falls were limited, however, by concerns of supply disruptions in the event of more US sanctions on major suppliers Russia and Iran
Earlier this week, Yellen said softness in the oil market presents an opportunity for more sanctions
Bitcoin climbed to an all-time high as Donald Trump's victory in the US presidential election along with pro-crypto candidates being voted to Congress spurred expectations of a light-handed regulatory environment.
Oil prices fell as much as five percent in early trade before paring some of their losses
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
Bitcoin climbed to an all-time high as Donald Trump's victory in the US presidential election along with pro-crypto candidates being voted to Congress spurred expectations of a light-handed regulatory environment.
Oil prices fell as much as five percent in early trade before paring some of their losses
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent
NBR also exempted VAT at production and trading of the highly import-based edible oil
Both main oil contracts dropped around three percent in early exchanges, after the Washington Post reported that Netanyahu had pledged to target Iran's military rather than its crude and nuclear sector
US President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu about Israel's plans concerning Iran in a 30-minute call on Wednesday that the White House described as "direct and very productive"
Brent crude futures rose 22 cents, or 0.3 percent, to $77.4 a barrel by 0349 GMT
Brent crude futures fell 31 cents, or 0.4 percent, to $77.74 per barrel by 0435 GMT. US West Texas Intermediate crude futures slipped 20 cents, or 0.27 percent, to $74.18 per barrel
Crude prices rocketed around five percent Thursday when US President Joe Biden said he was "discussing" possible Israeli strikes on Iranian oil sites in retaliation for Tehran's barrage
