TOKYO Dec 9 Oil prices extended gains on
Friday, buoyed by growing optimism that non-OPEC producers might
agree to cut output following a cartel agreement to limit
NYMEX crude for January delivery was up 17 cents at
$51.01 a barrel by 0039 GMT, after closing up $1.07 on Thursday.
However, the contract is set for a weekly decline of around 1
London Brent crude for February delivery was yet to
trade after settling up 89 cents at $53.89 a barrel on Thursday
following two days of declines.
Oil producers will meet in Vienna on Saturday to see if
non-OPEC countries will cut production to reduce a global supply
glut that has pressured prices for more than two years.
OPEC has agreed to slash production by 1.2 million bpd in
the first half of 2017, a deal that bolstered crude futures
despite doubts over whether the amount was enough and whether
the cuts would be effectively implemented.
Russia, which is not an OPEC member, has signalled it was
ready to cut production by 300,000 bpd and on Thursday
Azerbaijan said it would come to Vienna armed with proposals for
its own reduction.
(Reporting by Osamu Tsukimori; Editing by Joseph Radford)