Oil prices soared this week and closed at $ 51 a barrel

29/04/2017 12:28 | Number of readings: 156

Oil prices surged on Friday on optimism among investors that OPEC would agree to extend production cuts aimed at clearing a supply gap in world markets for the second half of this year.

US light crude was up 18 cents at $ 49.15 a barrel by 1903 GMT, while Brent crude was up 27 cents at $ 51.71 a barrel. The crude is heading to record losses on a weekly basis and monthly basis.

A survey of economists and analysts by Reuters showed that if the Organization of the Petroleum Exporting Countries (OPEC) agrees to extend production cuts, the global stockpile inventory may shrink by the end of the year.

OPEC meets in May to discuss oil supply policy, and its secretary-general Mohamed Barkindo said this week the organization wanted global stocks to fall further.

This has contributed to investor confidence that the organization will extend production cuts until the second half of this year.