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Oil at one-month high, supply-cut extension expected

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose on Friday, closing out a second week of gains on growing expectations that OPEC and other producing countries will agree next week to extend output cuts.Brent crude settled up $1.10, or 2.1 percent, at $53.61, the highest settlement for the international benchmark since April 18. U.S. benchmark crude oil rose 98 cents to $50.33, the highest close since April 19.U.S. crude gained 5.2 percent for the week, while Brent rose 5.4 percent.The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia are ...

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First Published: Sat, May 20 2017. 01:29 IST