Jonathan Alcorn | Reuters
Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif.
Oil prices edged higher on Friday as the market waited to see whether major oil producers would extend supply cuts beyond March at a meeting in Vienna later in the day.
International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers are set to meet in Vienna at 0800 GMT on Friday to discuss a possible extension of an oil supply cut deal to prop up prices.
Goldman Sachs said that talks over extending cuts are “noteworthy but premature”, adding “we believe it is unlikely that committee will recommend extension of cuts this week.”
Michael McCarthy, chief market strategist at CMC Markets in Sydney, predicted there will be “strong rhetoric but whether or not they will be able to boost oil prices from current high levels is another question”.
There will be some focus on whether Nigeria and Libya, who have been exempt from the curbs, will join any future cuts. The two OPEC members have both been invited to the meeting.