Oil surges on possible extension of OPEC cut

Views Date Added 28/04/2017 - 18:59

Economy News _ Follow-up:

Oil prices rose on Friday, but are still heading for a second straight losing streak on concerns that OPEC-led production cuts have failed to tackle the market's oversupply.

At 06:49 GMT, US crude was up 49.43 dollars a barrel, up 46 cents, or 0.94 percent from the previous close.

Crude is still in a minor weekly loss, down about 8 percent from the April peak.

Brent crude was $ 51.91 a barrel, up 47 cents, or 0.91 percent. Brent is down about 8.5 percent from the April peak, and is also heading for a slight weekly loss as well, the second straight.

Traders said today's gains came as OPEC said it wanted to reach an agreement to reduce surplus fuel supplies.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, agreed to cut production to about 1.8 million barrels per day in the first half of the year.

But OPEC is under pressure to extend the cuts to a full 2017 for oversupply.

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