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Oil Rises on Output Extension Hopes

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Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.

Brent crude was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains.

U.S. crude oil was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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