Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-m...
TOKYO - Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short of promising any further steps after March.
West Texas Intermediate oil futures CLc1 were up by 2 cents at $58.45 a barrel by 0101 GMT. They rose to as high as $59.12 a barrel on Thursday, the highest since the end of September.The Organization of the Petroleum Exporting Countries and allies including Russia - a grouping known as OPEC+ - have agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the U.S.-China trade war.
The “decision seems to be more of a housekeeping move that will narrow the gap between their current target and the over-compliance we have seen from the alliance,” said Edward Moya senior market analyst at OANDA.
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