Oil rises on OPEC supply cuts, but surging US output and economic slowdown weigh
SINGAPORE: OilNSE 1.37 % prices rose on Friday as markets tightened amid output cuts by producer club OPEC, but surging US supply and a global economic slowdown prevented crude from climbing further.
US West Texas Intermediate (WTI) crude oil futures were at $57.45 per barrel at 0116 GMT, up 23 cents, or 0.4 per cent, from their last settlement.
International Brent crude futures were at $66.55 per barrel, up 24 cents, or 0.4 per cent.
Traders said oil markets were currently tightening.
