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Saudi Arabia and Russia look to impose production cuts



OPEC and its allies are ready to discuss the terms of supply cuts that increase prices Friday, after the influential oil cartel has not reached a consensus on the production policy for the first time in almost five years.

The meeting between OPEC and non-OPEC members comes at a time when the oil market is close to the bottom of the worst price collapse since the 2008 financial crisis.

The Brent was trading at 59.98 dollars per barrel, down 0.2%, around 05:1

5 ET (10:15 GMT), while West Texas Intermediate (WTI) stood at $ 51.18, about 0.6% less.


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