Crude oil futures inched lower during mid-morning trade in Asia Friday as markets were waiting for more clarity on the proposed deepening and extension of OPEC’s ongoing supply cut agreement. At 10:40 am Singapore time (0240 GMT), ICE February Brent crude futures fell 14 cents/b (0.22%) lower from Thursday’s settle to $62.24/b, while the front-month NYMEX January light sweet crude contract moved 10 cents/b (0.17%) lower to $58.33/b. OPEC, Russia and their allies are considering a recommendation to cut an additional 500,000 b/d of crude production through the first quarter of 2020, with an option to extend it for the whole year, OPEC said Thursday after its meeting at Vienna. “Brent initially rose on the news, but then struggled to hold gains as markets tried to make sense of the recommendation,” ANZ analysts said in a note Friday. Russia and nine other non-OPEC partners were scheduled to […]