Oil markets were cautious on Friday as traders monitored a tropical storm heading for the Gulf of Mexico and as China remained closed for a week-long public holiday. But the prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia helped support prices. U.S. West Texas Intermediate (WTI) crude was trading at $50.71 per barrel at 0141 GMT, down 8 cents from its last close. Brent crude was down 10 cents at $56.90 a barrel.

Activity was subdued due to the Golden Week holiday in China and because traders were monitoring tropical storm Nate, which has triggered U.S. Gulf production and refinery closures just weeks after several hurricanes pummelled the region.

For More Trading Tips So Click Here >> Commodity Market Tips.