Oil steady as expected OPEC cuts balance high inventory | Reuters:
Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.
Both international oil benchmarks, North Sea Brent LCOc1 and U.S. light crude CLc1, have had their weakest month for more than 10 years in November, losing 28 percent and 30 percent respectively as global supply has outstripped demand.
Brent was up 25 cents at $59.76 a barrel by 0910 GMT. U.S. crude was unchanged at $51.45. Both contracts are up about 1 percent this week, the first weekly gains in almost two months.
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