Oil drops; losses limited by hopes of OPEC, Russia output cut | Reuters

Oil drops; losses limited by hopes of OPEC, Russia output cut | Reuters:

Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.

The two benchmarks, North Sea Brent LCOc1 and U.S. crude CLc1, still have had their weakest month in more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.

Front-month Brent futures fell 80 cents, or 1.3 percent, to settle at $58.71 a barrel, ahead of expiry. The more active February Brent crude futures LCOG9 lost 45 cents to settle at $59.46 a barrel. U.S. crude CLc1 dropped 52 cents, or 1 percent, to $50.93 a barrel.