Oil economy rises before OPEC meeting




Oil prices rose on Friday ahead of an important meeting of major oil producing countries next week, but Brent remained below $ 50 a barrel, briefly breached for the first time in six weeks during the previous session.

At 06:58 GMT, Brent crude futures were up 10 cents, or 0.2 percent, at $ 49.40 a barrel.

US crude oil futures rose 7 cents, or 0.2 percent, to $ 46.99 a barrel.

Both crude stocks hit their highest level since early June in volatile trading in the previous session, led by data showing a sharp decline in US crude and fuel inventories last week.

"The impact of strong inventory declines announced earlier this week is still in the market," said ANZ.

US oil inventories, which are about 490 million barrels, remain well above the 5-year average, while US production has risen about 12 percent since mid-2016 to 9.4 million bpd.

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