Oil prices are stabilizing on expectations of an extended production cut

Views Date 15/05/2017 - 17:10

Economy News _ Baghdad:

Oil prices have stabilized, supported by expectations of OPEC and Russia agreeing to extend production cuts beyond the first half of this year.
But a further increase in drilling activity in the United States has affected the market.
Brent crude futures reached $ 50.86 a barrel at 0125 GMT, little changed from the last close of $ 50.84.

US WTI crude futures were $ 47.88 a barrel, unchanged from last closing at $ 47.84.

Analysts said the market had received support from the expectation that OPEC and other oil producers, including Russia, agreed to extend an agreement to cut production to about 1.8 million bpd beyond the initial period of the first half of the year.

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