Oil poised for weekly gains, backed by fall in U.S. output

Investing.com - Oil Friday was on track for its biggest weekly gains since mid-May after an extended recovery supported by a fall in U.S. output. U.S. crude was up 41 cents, or 0.91%, at $45.34 at 07:00 ET. Brent added 42 cents, or 0.88%, to $48.05.The Energy Information Administration Wednesday reported a fall in U.S. output to 9.3 million barrels in the latest week.Baker Hughes U.S. rig count figures are due for release later in the session.Rising U.S. drilling activity has stymied efforts by major producers to reduce inventories by curbing their output.OPEC and non-OPEC producers have agreed to cut production by 1.8 million barrels a day through to March.Nigeria and Libya, which have been exempt from the OPEC-led cuts, have increased output.