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Oil heads for 2nd week of gains as output cut extension expected

Reuters  |  LONDON 

By Stephen EisenhammerLONDON (Reuters) - Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.Brent crude was up 77 cents at $53.28 at 1328 GMT, its highest since April 21, while U.S. benchmark crude oil was up 67 cents at $50.02. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion swayed over whether cuts by the Organization of the Petroleum Exporting Countries and other producers will offset rising U.S. output."The ...

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First Published: Fri, May 19 2017. 19:35 IST