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Oil edges up on expectations of further production cuts

Crude prices were steady on Friday as investors expect OPEC and Russia will prolong production cuts next week, although rising U.S. supplies capped gains.

Photo: Reuters

Front-month Brent crude futures rose 0.2 percent to $59.65 a barrel. U.S. sweet, light crude futures added 3 cents to $51.48 per barrel.

Oil has lost nearly a third in value since early October due to an emerging supply glut following a global increase in output, including major producers.

U.S. commercial crude oil inventories increased by 3.6 million barrels in the week to Nov. 23 to 450.49 million barrels, according to data from the Energy Information Administration (EIA).

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