Oil prices were narrowly higher on Friday as the market waited to see whether major oil producers would back an extension to output cuts beyond March at a meeting in Vienna.
Brent crude futures were at $56.51 a barrel at 0725 GMT, up 6 cents, or 0.11 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 percent, at $50.65 per barrel.
Some ministers from the Organization of the Petroleum Exporting Countries and from other producers are set to meet in Vienna at 0900 GMT on Friday to discuss a possible extension of an oil supply cut deal that is aimed at supporting oil prices. Read More…