Futures Movers: Oil struggles to climb as traders weigh reports of Saudi output-cut talk

Getty Images

Oil futures struggled for direction on Friday after a report indicated that Saudi Arabia is ready to cut production in a bid to stabilize prices if Iran agrees to an output freeze.

West Texas Intermediate, the U.S. benchmark CLX6, -0.37% slipped 2 cents to $46.30 a barrel, after trading as low as $45.44 earlier in the session. Oil has traded higher for four days in a row and is on track to book a weekly gain of 7.3%, according to FactSet data.

Meanwhile, global benchmark Brent crude LCOX6, +0.04% erased losses to trade 18 cents, or 0.4%, higher at $48.39 a barrel, but off its highs after the Saudi production cut.

>>> Original Source <<<