Investing.com - U.S. oil moved lower on Friday, even as supply cuts seemed to materialize in major oil producing countries, as the strong U.S. dollar continued to weigh on the commodity.
U.S. crude futures for January delivery were down 0.16% at $50.83 a barrel.
On the ICE Futures Exchange in London, the February Brent contract edged up 0.19% to trade at $54.12 a barrel.
Crude prices found some support after Kuwait on Thursday reportedly notified customers that it would cut supplies from January as part of an effort by OPEC to stabilize the oil market.
In addition, Russian Energy Minister Alexander Novak said on Friday that all Russian oil companies have agreed to cut crude output under Moscow's agreements with OPEC.
But the U.S. dollar remained broadly stronger after the Federal Reserve concluded its policy meeting on Wednesday by raising interest rates by 25 basis points and projected three more rate hikes for 2017.
It was the Fed’s first rate hike since December 2015.