rises ahead of OPEC meeting[/size]
27 minutes ago
Oil prices rose on Friday as the market awaited a meeting in Vienna on Friday to see if major crude producers would extend a post-March production cut.
By 0644 GMT, the benchmark Brent crude futures contract rose 8 cents, or 0.14 percent, from the previous settlement price to $ 56.51 a barrel.
US WTI crude futures rose 12 cents, or 0.24 percent, to $ 50.67 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and some other producers are due to hold a meeting in Vienna on Friday to discuss the possibility of extending the supply reduction agreement, which aims to boost prices.
Goldman Sachs said talks on extending the cuts were "interesting but premature." "We believe the Commission is unlikely to recommend extending the cuts this week."
OPEC agreed with some outside producers, including Russia in November last year, to cut production by 1.8 million barrels per day to drain the world supply surplus and support prices.
Despite coordinated producer efforts and an OPEC extension of production cuts until the end of March, prices remained under pressure from rising US production.