Oil above $50 on hopes for non-OPEC output cuts

By Catherine Ngai NEW YORK (Reuters) - Oil rebounded from the week's lows and hovered above $50 a barrel on Thursday as market watchers focused on an upcoming weekend meeting between OPEC and non-OPEC producers that may result in an agreement to cut crude output further. Brent and U.S. oil prices gained support early from a slightly weaker dollar, but the U.S. currency turned positive as the euro fell on the European Central Bank's decision to extend but reduce its bond-buying programme. Both be