Oil prices hover near highest levels


Oil prices rose on Friday, trading near the highest levels in months as major producers may wait until January before deciding whether to extend their output curbs beyond the first quarter.

Russia's energy minister said no decision was expected before January, although other ministers suggested such a decision could be taken before the end of this year.

US West Texas Intermediate (WTI) crude futures ended Friday's session 11 cents higher at USD 50.66 per barrel, the highest settle since May 24. The contract was up about 1.5% on the week, marking the third straight weekly gain.

International benchmark Brent crude futures rose 38 cents to USD 56.81 a barrel at by 2:18 p.m. ET (1818 GMT). The contract earlier hit USD 56.87, the highest intraday level since March 1.

Oil prices have gained more than 15% in the last three months, suggesting output cuts of 1.8 million barrels per day by OPEC and other producers have helped clear the global crude glut. Rising global demand has also brought more balance to the market.

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