London — Oil edged higher on Friday as Russia reiterated its commitment to joining a producers’ output freeze to stem a two-year slide in prices, but a strong dollar capped gains. Global benchmark Brent crude futures were 12 US cents higher at $51.50 a barrel at 8.47am GMT. US West Texas Intermediate (WTI) crude was trading at $50.65 a barrel, up 2c from its last settlement. Russian energy minister Alexander Novak said on Friday an oil output freeze agreement was necessary to prop up prices and that he would make proposals to his Saudi Arabian counterpart this weekend. Oil cartel Opec will hold a meeting on November 30 to find common ground on capping oil production. This is expected to work out how each member country will contribute to a freeze. "The near-term fundamentals in the oil market have turned positive. Demand is stabilising, Opec production has peaked (and will fall if cuts are implemented), and global inventory declines imply that the market is more balanced than many b...
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