Oil rises on OPEC supply cuts; surging US output and economic slowdown weigh

International Brent crude futures were at $66.55 per barrel, up 24 cents, or 0.4 per cent

Oil prices rose on Friday as markets tightened amid output cuts by producer club Organisation of the Petroleum Exporting Countries (OPEC), but surging United States (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.