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Oil firms before OPEC, non-OPEC output talk
Dec 09, 2016

Oil moved higher Friday as the focus turned to talks this weekend between OPEC and non-OPEC members on output cuts.

U.S. crude was up 36 cents, or 0.71%, at $51.20 at 07:30 ET, while Brent crude added 0.35% to $54.08.

OPEC last month agreed to cut output by 1.2 million barrels a day to 32.5 million barrels. Non-OPEC producers have been asked to chip in with cuts of around 600,000 barrels a day. Russia has indicated it will contemplate a cut of about 300,000 barrels a day.

Investors are also looking to Baker Hughes weekly U.S. rig count data due out later Friday. A pick-up in oil prices could encourage greater activity by North American shale drillers. The dollar index was firm. A stronger dollar weakens demand for oil.

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