Oil prices nudges higher as OPEC reduces output

U.S. oil prices edged higher on Friday, recovering from losses of nearly 1 percent in the previous session, as data showed major exporters are quickly reducing output in line with a supply cutting pact. U.S. West Texas Intermediate (WTI) futures were at $53.96 per barrel at 0009 GMT, up 17 cents, or 0.3 percent, from their last settlement.