Oil holds above US$50 as Russia weighs boost, Nigeria cuts prices

[SYDNEY] Oil held above US$50 a barrel even as Russia's largest oil company said the country could boost production and Nigeria lowered prices for its crude.

Futures rose 0.1 per cent after falling 2.3 per cent on Thursday. Rosneft PJSC chief executive officer Igor Sechin said Russia is capable of a substantial boost to production less than two weeks after President Vladimir Putin pledged his support for international efforts to limit output.

Nigeria said it cut the price of every type of crude it sells in an effort to boost its global oil market share.

Oil has traded near US$50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries will be able to implement an accord to reduce output when it gathers at an official meeting in November.

A committee will meet later this month to try to resolve differences over how much individual members should pump.

West Texas Intermediate for December delivery rose by 3 US cents to US$50.66 a barrel on the New York Mercantile Exchange at 9:44am in Sydney.

Brent for December settlement declined by US$1.29 to end the session at US$51.38 a barrel on the London-based ICE Futures Europe exchange. The global benchmark traded at a premium of 75 US cents to WTI for December.

BLOOMBERG