Oil prices ticked up Friday as a meeting in Vienna of major oil producers ended without the group extending their deal to cut output.
The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers are clearing a glut and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers from those countries reportedly said on Friday.
Russia's energy minister said no decision was expected before January, although other ministers suggested such a decision could be taken before the end of this year, according to Reuters.
Meanwhile, the number of rigs operating in U.S. oil fields fell by 4 to a total of 744 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.
The West Texas Intermediate for November delivery increased 0.11 U.S. dollar to settle at 50.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.43 dollar to close at 56.86 dollars a barrel on the London ICE Futures Exchange. Enditem
The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers are clearing a glut and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers from those countries reportedly said on Friday.
Russia's energy minister said no decision was expected before January, although other ministers suggested such a decision could be taken before the end of this year, according to Reuters.
Meanwhile, the number of rigs operating in U.S. oil fields fell by 4 to a total of 744 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.
The West Texas Intermediate for November delivery increased 0.11 U.S. dollar to settle at 50.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.43 dollar to close at 56.86 dollars a barrel on the London ICE Futures Exchange. Enditem
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