Oil prices were mixed in early Asian trade 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 LCOc1 were at $56.35 a barrel at 0249 GMT, down 8 cents, or 0.1 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures CLc1 were up 5 cents, or 0.1 per cent, at $50.60 per barrel, reports Reuters.
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.”
OPEC and some non-OPEC producers including Russia first agreed in November last year to cut their output by around 1.8 million barrels per day (bpd) to clear global oversupply and support prices.