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Oil prices rise as Opec and Russia cut production to counter US Shale

According to reports, Opec's largest producer Saudi Arabia is still keeping markets well supplied

Reuters  |  London 

Oil prices were heading on Friday towards another week of gains amid growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories. Brent crude was up 63 cents at $53.14 at 0813 GMT, after climbing to $53.20, its highest since April 21. US benchmark crude oil was up 61 cents at $49.96 a barrel. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion has swayed over whether cuts by the Organization of the Petroleum Exporting Countries(OPEC)  and other producers will offset ...

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First Published: Fri, May 19 2017. 17:33 IST