Oil edges up on expectations of more OPEC output cuts, but trade worries linger
Oil prices inched higher on Friday as expectations of more OPEC production cuts provided some support, although concerns over the long-running US-China trade dispute kept a lid on gains.
International benchmark Brent crude futures, were at $57.54 a barrel by 0646 GMT, up 16 cents, or 0.3 per cent, from their previous settlement.
US West Texas Intermediate (WTI) futures were at $52.68 per barrel, up 14 cents, or 0.3 per cent, from their last close.
Both contracts jumped more than 2 per cent on Thursday to recover from January lows, buoyed by reports that Saudi Arabia, the world’s biggest oil exporter, had called other producers to discuss the recent slide in crude prices.
