Oil firms on supply cut talk; still set for sixth weekly loss | Reuters

Oil firms on supply cut talk; still set for sixth weekly loss | Reuters:

Oil rose on Friday on hopes that supply cuts will be agreed at OPEC’s meeting on Dec. 6, but failed to recoup recent losses on oversupply concerns that have shaved more than a fifth off the Brent crude benchmark since early October.

Brent was up 85 cents at $67.47 a barrel by 0929 GMT. It has been recovering for three sessions since hitting an eight-month low on Tuesday but is still on course for a weekly loss of about 4 percent.

U.S. West Texas Intermediate (WTI) futures rose 55 cents to $57.01 a barrel after their steepest one-day loss in more than three years on Tuesday.