Investing.com - U.S. oil moved higher on Friday, ahead of another meeting of oil producers this weekend, amid growing hopes a global production deal will finally be implemented.
U.S. crude futures for January delivery were up 0.85% at $51.27 a barrel.
On the ICE Futures Exchange in London, the February Brent contract gained 0.48% to trade at $54.15 a barrel.
Crude prices strengthened as oil producers were set to meet in Vienna on Saturday to see if non-OPEC countries will agree to cut production in a move to reduce a global supply glut.
In addition, Saudi Arabia reportedly informed its customers thos week of cuts to their January crude oil supplies to comply with the latest OPEC agreement.
The commodity has been mostly supported this week, although doubts remained over whether OPEC’s planned output cut will be enough to reduce the global supply glut.