Mubasher: Oil edged up on Friday, supported by the output cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and the shutdown of a Saudi offshore oilfield.

The US West Texas Intermediate (WTI) crude futures inched up $0.04 to $54.45 per barrel.

Saudi Arabia has reportedly closed Safaniyah oil field, which has a production capacity of over 1 million bpd.

Oil futures ended Thursday in green, as March Nymex WTI rose $0.51, or 1%, to close at $54.41 per barrel.