Oil on track for weekly gain as OPEC+ set to confirm supply cut - Reuters

Oil on track for weekly gain as OPEC+ set to confirm supply cut - Reuters:

Oil prices steadied on Friday and were set for weekly gains ahead of a meeting of OPEC and its allies later in the day which is expected to formally agree to more output cuts in early 2020.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply as economic growth stagnates amid the U.S.-China trade war.

But OPEC stopped short of pledging action beyond March and analysts have questioned the impact of the latest curbs.

Brent futures LCOc1 were down 3 cents at $63.36 by 0950 GMT but are set to rise 1.5% on the week.

West Texas Intermediate oil futures CLc1 fell 9 cents to $58.34 a barrel. They are set to rise nearly 6% on the week.