Oil prices mixed ahead of crucial OPEC meet

Oil prices were mixed in early Asian trade on Friday as the market waited to see whether major oil producers would extend supply cuts beyond March at a meeting in Vienna.

OPEC and non-OPEC nations are meeting on Friday to discuss a possible extension of oil supply cuts to support prices and will consider monitoring exports to assess compliance.

The group aims to clear a global oil supply glut by curbing output by about 1.2 million barrels per day (bpd). Russia and other non-OPEC producers agreed to cut half as much. The pact runs till the end of March.

International benchmark Brent crude futures were at USD 56.35 a barrel at 0249 GMT, down 8 cents, or 0.1%, from their last close.

The US West Texas Intermediate (WTI) crude futures were up 5 cents, or 0.1%, at USD 50.60 per barrel.

OPEC and some non-OPEC producers including Russia first agreed in November last year to cut their output by around 1.8 million barrels per day (bpd) to clear global oversupply and support prices.

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