Oil up about 1% on optimism over non-Opec output cuts
There are hopes that non-Opec producers meeting over the weekend would agree to cut output to bolster the group’s own agreement to limit production
New York — Oil prices rose about 1% on Friday, trading within a narrow range, on hopes that non-Opec producers meeting in Vienna over the weekend would agree to cut output to bolster the group’s own agreement to limit production. Still, a strong US dollar sapped some of the price strength, and both crude benchmarks remained nearly 2% below the highs reached after Opec announced plans to cut production late last month. On Saturday, oil ministers from Opec countries will meet non-Opec producers in Vienna to seek help in curbing a global glut. US crude’s West Texas Intermediate (WTI) futures for January delivery rose 67 cents to $51.51 a barrel, a 1.3% gain by 3.35pm GMT. Brent crude futures for February delivery rose 36 cents to $54.25 a barrel, a 0.7% gain. Brent traded at a high point for the day of $54.46 and a low of $53.77 a barrel while WTI prices traded at a high point for the day of .$51.64 and a low of $50.86 Both contracts were on track for their first weekly loss in four we...
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