West Texas Intermediate futures for March delivery is currently at $31.75 (+0.09%), while Brent crude is at $34.36 (-0.29%) amid Friday's thin trading as many market participants in Asia prepared for the Lunar New Year.

A weaker dollar supports oil prices, however most fundamentals remain bearish: large crude oil stocks in the biggest consumer the U.S., slowing economic growth in the second-biggest consumer China and excessive supplies from producers amid lack of desire to cooperate.