Commodity supply, OPEC, Russia in focus

Oil prices fell on Friday, declined by OPEC's decision to delay a final decision on production decline, waiting for support from non-OPEC heavyweight Russia.

International Brent Crude Oil Futures dropped below $ 60 a barrel early in the session, trading at $ 59.50 a barrel at 0144 GMT, down 56 cents, or 0.9% from their last close.

US West Texas Intermediate (WTI) crude futures were $ 51.24 per barrel, down 25 cents, or 0.5 percent.

The decline came after the commodity fell by almost 3 percent the previous day, with the Organization for Petroleum Exporting Countries (OPEC) concluding a meeting at the headquarters in Vienna, Austria, on Thursday without announcing a decision to reduce the supply of raw materials, instead preparing say to discuss the matter on friday.

"OPEC has decided to meet again Friday … (as) Russia remains the sting point," said Stephen Innes, Asia / Pacific Business Manager at Future Brokerage Oanda, Singapore.

Analysts still expect a form of supply reduction to be decided.

"We are beginning to experience the overview of the next iteration of production cutbacks, with OPEC in line with reducing its own production by around 1[ads1] million barrels per day, with cartel activities non-OPEC members contributing more," Japanese bank MUFG said in a note.

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