LONDON - Oil was higher on Friday, with Brent staying above $ 52 a barrel, supported by a fall in US fuel inventories, though gains are limited by ample supply in the world, even with the plans of Petroleum Exporting Countries organization to reduce production.
The Brent crude oil rose $ 0.36, or 0.69 percent, to $ 52.39 a barrel at 8:32 (GMT). The US oil advanced $ 0.57, or 1.13 percent, to $ 51.01 a barrel.
Brent reached a maximum of 2016 near $ 54 on Monday, boosted by OPEC's September 28 agreement to reduce oil production, before weakening with rising oil inventories in the US and OPEC showing that production is still rising.
US oil inventories increased by 4.9 million barrels, the first increase in six weeks, said the government's Energy Information Administration on Thursday. But derivatives stocks, which include diesel and heating oil, fell by 3.7 million barrels. Gasoline inventories fell 1.9 million barrels.
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