Oil in green on output freeze extension hopes

Market Reports | Markets 5/19/2017, 8:13 AM
Oil in green on output freeze extension hopes

Benchmark prices of crude modestly advanced on Friday as the dollar ticked to negative territory, and West Texas Intermediate was looking to top $50 per barrel for the first time in almost four weeks. Traders were listening to cues in the market on the determination of major exporters, with the exception of and Canada and, of course, the industry powerhouse in the United States, about the determination to prolong the deal on production caps that expires at the end of June. 

WTI for settlement next month increased 0.91% to $49.8 per barrel at ICE Futures Europe, after reaching $49.86, the highest since April 26. Brent for delivery in July edged 0.76% up to $52.91 for one barrel. The euro added 0.11% to buy $1.11154 and the pound moved 0.1% to the green, changing hands for $1.2951.

TeleTrader Newsroom / IT


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