London Brent crude for March delivery LCOc1 was yet to trade after settling up 43 cents at wheel unit bearings Manufacturers $56.69 a barrel by 0016 GMT, after closing up 50 cents on Thursday.1 million barrels.058 million bpd, fully implementing OPEC's agreement to slow production, according to a Gulf source familiar with Saudi oil policy.Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10. US crude stocks dropped sharply to end the year, the Energy Information Administration said, with a draw of 7.US crude stocks dropped sharply to end the year, the Energy Information Administration said, with a draw of 7.

Oil prices were little changed on Friday after gaining nearly 1 per cent the day before on news that Saudi Arabia had cut production to meet OPEC's agreement to reduce output.NYMEX crude for February delivery CLc1 was down 7 cents at $53..Saudi Arabia has been curbing oil output in January by at least 486,000 barrels per day (bpd) to 10. For the week, the contract is likely to be largely steady.Prices had fallen earlier on Thursday after data showed a surprisingly large increase in US gasoline and distillate inventories.1 million barrels, but stocks of gasoline and distillates surged as refiners ramped up production to reduce crude inventories, a year-end practice to avoid higher taxes.

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