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.
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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