Investing.com – Oil was lower Friday as investors weighed up the chances of a planned output cut by OPEC.
U.S. crude was down 23 cents, or 0.46%, at $49.49 at 07:00 ET as Brent crude shed 0.26% to $50.34.
OPEC experts Friday gathered in Vienna for talks on the proposed production cut to 32.5-33 million barrels a day.
OPEC is due to hold a formal meeting on November 30 in Vienna to seal a deal to address a global supply glut.
Iraq and Iran have indicated they do not want to cut output, while non-OPEC member Russia is leaning toward a production freeze.
Baker Hughes U.S. rig count figures for the latest week are due for release later in the session.
The number of rigs currently operating in the U.S. stands at 443, the highest level since early February.
The dollar was firm at higher levels. A stronger dollar undermines demand for oil.