London — Oil prices were marginally firmer on Friday, as the market waited to see whether major producers meeting in Vienna would back an extension to output cuts beyond March 2018. Brent crude futures were up four US cents at $56.47 a barrel at 10.08am GMT. US West Texas Intermediate (WTI) crude futures were down 2c, at $50.53 per barrel. Some ministers from oil cartel Opec and from other producers led by Russia are set to discuss a possible extension to the current agreement, under which producers are cutting output by 1.8-million barrels per day until March 2018. They are also expected to discuss the monitoring of exports to assess compliance with the deal. Opec secretary-general Mohammad Barkindo said at the opening session of the meeting that all factors in the oil market pointed to headwinds ahead for shale oil producers. Russian energy minister Alexander Novak said on Friday that Opec and the other producers needed to continue co-ordinated action and work on a strategy from A...
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