U.S. West Texas Intermediate crude oil futures are trading lower on Friday after hitting their highest level since December 7 earlier in the session. Profit-taking is likely behind the weakness. However, there are still lingering concerns over rising U.S. production, and key issues with China that have to be resolved despite favorable trade talks earlier in the week. Underpinning the market are the OPEC-led production cuts. Bullish Scenario OPEC and its major ally Russia began reducing output by 1.2 million barrels per day on January 1. It they…