22.09.201708:13:00UTC+00Crude Oil Hugs $50 Ahead Of OPEC Meeting

Crude oil futures were slightly lower Friday morning but held the $50 a barrel mark for the third day running.

Traders await the U.S. oil rig count for indications whether domestic production is slowing after a robust first half of 2017.

WTI light sweet oil was down 17 cents at $50.40 a barrel.

OPEC meets in Vienna to discuss their supply quota plan. Reports say the cartel plans to signal its willingness to extend the deal well into 2018 in an effort to end the global supply glut.

"OPEC members are trying to target a figure of close to $60 a barrel. We're not too far away from that," a Nigerian official told Bloomberg. "If we get to March and find that there's a need to do more, I think we will."