Oil firm

Reuters

Singapore

Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang.

Brent crude futures were trading at $55.76 per barrel at 0311 GMT, up 11 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures, were up 10 cents at $53.46 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia plan to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 percent.

The cuts are aimed at curbing oversupply that has dogged markets since 2014.To help rebalance the market, OPEC sources told Reuters that the supply reduction pact could be extended if all major producers showed "effective cooperation". For now, inventories remain bloated and supplies high, especially in the United States.