Oil edges higher after #Russia indicates larger output cut | Reuters

Oil edges higher after Russia indicates larger output cut | Reuters:

Brent oil futures edged higher on Friday after Russia seemed likely to contribute a bigger output cut to an OPEC and non-OPEC deal, but Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption.

International Brent crude oil futures LCOc1 fell below $60 per barrel in early trade, but firmed to $60.17 a barrel by 1041 GMT, up 11 cents from the close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents at $51.3 per barrel.

The slight recovery came after crude slumped by almost 3 percent the previous day, with the Organization of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply.