Price Of Crude Rises On Optimism Non-OPEC Members Would Agree To Cut Output

Agency report

Oil prices extended gains on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production, Concise News gathers.

The Organization of Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday seeking their help in curbing a global supply glut.

Russia has said it would cut 300,000 barrels per day, meaning other non-OPEC producers combined would need to pledge the same amount to lower output by the 600,000 bpd.

Azerbaijan has said it will come to the Austrian capital armed with proposals for its own reduction.

Brent sweet crude for February delivery was up 17 cents at 54.06 dollars a barrel.

The contract hit its highest since July 2015 at 55.33 dollars on Monday.

NYMEX crude for January delivery was up 33 cents at 51.17 dollars a barrel.