Crude oil futures moved higher on Friday, as investors shrugged off the outcome of an OPEC-led meeting in which oil producers failed to reach a decision to extend the production-cut agreement. Russia and OPEC can wait until at least January before announcing further production quotas. In May, OPEC and non-OPEC members agreed to extend production cuts of 1.8 m barrels per day for a period of nine months until March 2018 but rising production from the US, Nigeria and Libya has undermined the oil cartel’s efforts to curb excess supply. Benchmark crude oil futures for November delivery ended higher by 11 cents or 0.2 percent at $50.66 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained 27 cents to $56.70 a barrel on the ICE.

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