Oil prices higher

AFP

By our correspondents
October 17, 2015
Singapore
Oil prices advanced in Asia Friday, ending four days of straight losses on news that Russia was prepared to talk about output cuts in a meeting with OPEC crude producers next week.
Oil prices had been tumbling since Monday on data showing that a global crude supply glut could persist well into next year.
A report on Thursday showing US commercial crude stockpiles increased last week further hurt prices as it pointed to softer demand in the world´s top oil consumer.
US inventories jumped by 7.6 million barrels in the week ending October 9, nearly three times as much as experts had predicted.
That brought total stocks to 468.6 million barrels, remaining close to the highest levels for this time of year in at least eight decades.
In Asian trade Friday, US benchmark West Texas Intermediate for November delivery was up 1.14 percent to $46.91 and Brent crude for December, a new contract, gained 0.95 percent to $50.20, at around 0600 GMT.