02-12-2016 18:18 via uk.news.yahoo.com

Oil edges up, steady after big OPEC-driven weekly rally

By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices edged higher on Friday, steady above $51 a barrel, with Brent crude on track for its biggest weekly rally since 2009, following OPEC's decision to cut crude output in order to rein in a global glut. After the deal was announced on Wednesday, the market will focus on the implementation and impact of OPEC's first output cuts since 2008, to be joined Russia and possibly other non-OPEC producers. Crude prices were pressured by data showing oil
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