Oil is heading to record gains for the third week, after the sudden OPEC+ cuts

Oil continues its path towards weekly gains on Thursday, as the OPEC+ announcement of additional production cuts targeted and falling US oil inventories overshadowed concerns about global economic growth.

The two crude prices rose more than six percent this week, heading towards recording gains for the third week in a row, after the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, pledged sudden additional production cuts.

However, Oil fell on Thursday as weak US economic data raised concerns about economic growth.

And by 0803 GMT, Brent crude futures fell 34 cents, or 0.4 percent, to $ 84.65 a barrel, and West Texas Intermediate crude futures fell 29 cents, or 0.4 percent, to $ 79.88 a barrel.

The dollar index rose on Thursday after hitting a two-month low recently. A stronger dollar makes crude oil more expensive for holders of other currencies.

The market also received support from US government data that showed that crude inventories in the country fell by 3.7 million barrels last week, which is more than expected. Gasoline and distillate inventories also declined, indicating higher demand.