Investing.com - U.S. oil futures moved higher on Friday, as upbeat U.S. stockpile data continued to support and as an offer by Saudi Arabia to reduce output added to hopes for an upcoming deal between majors producers.
U.S. crude futures for November delivery were up 0.19% at a fresh two-week high of $46.41 a barrel.
On the ICE Futures Exchange in London, the November Brent contract gained 0.84% to $48.05 a barrel, the highest since September 13.
Oil prices gained more ground following reports Saudi Arabia has offered to reduce oil production if Iran agrees to cap its own output this year, in a major compromise ahead of talks in Algeria next week.
Hopes for a potential deal to freeze output to support the market have been mounting ahead of a meeting between OPEC and non-OPEC members scheduled from September 26 to 28.
The commodity also remained supported after the U.S. Energy Information Administration said crude oil inventories fell by 6.2 million barrels last week to 504.6 million, surprising market analysts who expected an increase of 3.35 million barrels.
Meanwhile, sentiment on the the U.S. dollar remained fragile after the Federal Reserve decided on Wednesday to leave interest rates unchanged and projected a less aggressive rise in interest rates next year and in 2018.
However, the U.S. central bank signaled that it could tighten monetary policy before the end of the year if the job market continued to improve.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
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