Oil stable on expectations of extended OPEC-led production cut
Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February.
Brent crude futures LCOc1 , the international benchmark for oil prices, were at $50.82 per barrel at 0120 GMT on Friday, up 5 cents from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $47.89 per barrel, up 6 cents from the last settlement.
"Crude prices could be poised for recovery," U.S. investment bank Jefferies said in a note.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.
OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction.
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