Crude oil hovers near fresh 4-year lows

Investing.com - Crude oil futures edged higher on Friday, but remained within close distance of a fresh four-year low as sustained concerns over a glut in world markets continued to weigh heavily on prices.

On the New York Mercantile Exchange, U.S. crude oil for delivery in December edged up $0.14 or 0.20% to trade at $74.36 a barrel during European early afternoon trade, just above $73.28, the lowest level since September 2010.

Prices plummeted $2.97 or 3.85% on Thursday to settle at $74.21.

Oil prices weakened broadly after the Organization of the Petroleum Exporting Countries indicated that it will not cut output to relieve a global supply glut.

Oil ministers from Saudi Arabia and Kuwait have resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

On Thursday, the Energy Information Administration said U.S. crude stockpiles unexpectedly fell by 1.7 million barrels in the week ending November 7, compared to expectations for an increase of 750,000 barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery advanced $0.87, or 1.09%, to hit $78.36 a barrel, still close to $76.79, the weakest level since October 2010. The spread between the Brent and the WTI crude contracts stood at $4.