Oil up

Reuters

Singapore

Oil prices edged up on Friday but markets remained on the back foot after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger curbs.

At Thursday´s meeting in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year.

Crude oil plunged 5 percent following the announcement, only inching up a touch on Friday. Gaining back some of those losses, Brent crude futures were at $51.83 per barrel at 0708 GMT, up 0.37 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were below $50, at $49.15, though still up 16 cents from their last close.  Despite these gains, analysts said markets were on the back foot.