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Investing.com - Oil was higher Friday on renewed hopes of an extension of output cuts by major producers.
U.S. crude was up 51 cents, or 1.04%, at $49.48 at 08:00 ET. Brent crude gained 52 cents, or 1.00%, to $52.34.
Output cuts of 1.8 million barrels a day agreed by OPEC and non-OPEC producers have so far failed to make inroads into an inventories glut.
OPEC and non-OPEC producers are expected to decide next month whether to extend the accord beyond June.
Saudi Energy Minister Khalid al-Falih said Friday it was important to agree an extension.
Higher crude output is offsetting the impact of the output cuts.
Baker Hughes rig count data are due out later Friday.
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