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MTECHTIPS:-NYMEX crude up slightly in Asia as investors eye U.S. rig count data

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MTECHTIPS:-NYMEX crude up slightly in Asia as investors eye U.S. rig count data

 

 MTECHTIPS- Crude oil posted mild gains in Asia on Friday as investors looked ahead to U.S. rig count data and more comment from OPEC members ahead of a meeting at the end of next month to agree on details of a proposed plan to curb output.Crude oil for December delivery on the New York Mercantile Exchange rose 0.04% to $49.74 a barrel.Overnight, oil prices climbed during North American hours on Thursday, pulling further away from the prior session’s three-week low amid renewed optimism over the implementation of a planned deal by OPEC to limit production.Saudi Arabia and its Gulf OPEC allies are willing to cut 4% from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.But Russian Energy Minister Alexander Novak told the officials that Moscow would not cut output, but rather freeze it at current levels, the sources said.Brent oil for December delivery on the ICE Futures Exchange in London was last quoted at $50.40 a barrel. The contract slumped to $49.65 on Wednesday, the lowest since October 3, amid fading expectations of a coordinated production cut among major global oil producers.

 



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