Oil holds near two-month high on OPEC+ extension expectations - Reuters

Oil holds near two-month high on OPEC+ extension expectations - Reuters:

Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to OPEC+ production cuts although doubts over U.S. and China trade talks capped gains.

Brent crude futures LCOc1 dropped 6 cents to $63.91 a barrel by 0908 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 21 cents to $58.37 per barrel.

Prices touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5 and 6.