By Henning Gloystein
SINGAPORE (Reuters) - U.S. oil prices stabilised on Friday, buoyed by a fall in U.S. crude oil inventories, but sentiment remained weak as producer group OPEC postponed a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.
U.S. West Texas Intermediate (WTI) crude futures
WTI was supported by drop in U.S. commercial crude inventories
International Brent crude oil futures
The stabilising prices came after crude slumped by almost 3 percent the previous day, with the Organisation 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, instead preparing to debate the matter on Friday.
Analysts still expect some form of supply reduction to be decided.
"We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japan's MUFG bank said in a note.
Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.
Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.
The increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.
Graphic: OPEC, Russia & U.S. oil production (https://tmsnrt.rs/2QczFSp)
(Reporting by Henning Gloystein; Editing by Joseph Radford)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Dec 07, 2018 07:05:26 IST