Oil up, WTI over $50 on further output cut hopes

Market Reports | Business | Markets 5/19/2017, 5:03 PM
Oil up, WTI over $50 on further output cut hopes

Oil prices traded in the green on Friday with West Texas Intermediate (WTI) adding almost 2% to surpass the $50 per barrel mark while Brent gained over 2% as investors regained hopes further output cuts might be implemented soon. Some of the Organization of Petroleum Exporting Countries (OPEC) members have hinted the current output cut deal is likely to be extended beyond June in order to aid efforts to stabilize the crude market. 

Earlier in December, OPEC members and other major oil producers led by Russia agreed to cap the global production of oil by as much as 1.8 million barrels per day in order to battle the market oversupply that has been prevailing for three years. The deal was implemented in January for a six-month period. Meanwhile, OPEC members and other oil exporters are due to meet in Vienna on May 25. 

West Texas Intermediate for June increased 1.84% to trade for $50.26 per barrel at 4:48 pm CET while international benchmark Brent for settlements in July rose 2.04%, changing hands for $53.59 per barrel at 5:01 pm CET. 

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F WBS+1.24%

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Brent Crude (...+1.92%

Chart for: F BRN 11/17