Crude oil prices edged up last week in a tight range on demand worries due to coronavirus variants and slow vaccine rollouts, which offset a bullish sentiment due to a cut in Saudi Arabian oil supply and falling US oil inventories.
 
Global benchmark Brent crude futures gained less than 1 percent during the week to end at 55.97 dollars a barrel on Friday. Similarly, US crude also rose about 1 percent during the week to close at 52.36 dollars. Saudi Arabia is set to cut output by 1 million barrels per day in February and March.