Oil firmer after Opec hints at extending output cut
Brent edges up to $55.76, lifted by a report that the producer club could prolong the output cut aimed at reining in a global fuel supply overhang
Singapore — Oil prices edged up on Friday, lifted by a report that producer club Opec could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 a barrel at 3.11am GMT, up 11c from their last close. US West Texas Intermediate (WTI) crude futures, were up 10c at $53.46 a barrel. Opec and other producers including Russia plan to cut output by almost 1.8-million barrels a day during the first half of 2017, and estimates suggest compliance by Opec is about 90%. The cuts are aimed at curbing oversupply that has dogged markets since 2014. To help rebalance the market, Opec sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective co-operation". For now, inventories remain bloated and supplies high, especially in the US. Recent price movements reflect this, with Brent and WTI trading within a $5 a barrel price range this year, in what has become the longest and most range-boun...
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