Oil prices edge up on expected OPEC output cuts, but rising US supply caps gain


Oil prices edge up on expected OPEC output cuts, but rising US supply caps gain

Oil prices firmed on Friday as traders expected OPEC and Russia to agree on production cuts next week, although swelling U.S. supplies kept markets in check. U.S. West Texas Intermediate (WTI) crude futures were at $51.55 per barrel at 0203 GMT, up 10 cents, or 0.2 percent from their last settlement. International Brent crude oil futures were up 15 cents, or 0.3 percent, at $59.66 per barrel.

Despite the firmer prices, crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the United States, Russia and by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).

To rein in the glut, ANZ bank said on Friday that OPEC and its main partner Russia were “moving closer to an agreement around further production cuts”. Read More

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