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The U.S. West Texas Intermediate crude April contract, according to, was down about 0.34% at $60.80 a barrel by 07:45 GMT, just off Thursday's two-and-a-half week lows of $60.20.

"Looking ahead, crude oil futures prices continue to suggest that the benchmark WTI oil price will ease from current levels back to the US$50 range over the forecast horizon".

"It is likely the monthly data will show USA crude oil production in December about 200,000-300,000 bpd above what was estimated in the weekly reports", Petromatrix analyst Olivier Jakob said in a note. Oil prices dropped more than 4% in February.

The cut is the biggest since the U.A.E. reduced production by 120,000 barrels a day in January 2017 when the Organization of Petroleum Exporting Countries and its allies started to curb output to reduce a global glut. Observers have noted that should the US exceed these production levels, it could potentially overtake Saudi Arabia and Russian Federation to become the world's top crude oil producer. The WSJ Dollar Index, which measures the USA currency against a basket of 16 others, was recently down 0.26%.

"That its oil market is dominated by a large number of uncoordinated, private-sector firms, many of whom benefit from lower production costs than producers elsewhere, means the US will remain a major player for the foreseeable future".

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Oil prices climbed slightly on Friday after recovering from earlier losses.

United States crude output slipped in the last month of 2017, but in November hit an all-time high of 10.057 million barrels per day (bpd).

OPEC officials will meet US shale executives at a USA energy conference on Monday, a gathering that underlines the influence of American output in keeping a lid on global prices. The dollar index hit a six-week high on Thursday.

Oil also fell due to a stronger dollar, which makes commodities denominated in the USA currency more expensive for holders of other currencies. "A transition of the deal is needed but not yet visible, with both an over-tightening and an orderly unwinding being potential scenarios", said Norbert Rucker, head of commodity research at Swiss bank Julius Baer.

Fawad said the market has been ignoring "good compliance with the production cuts by OPEC and non-OPEC countries".