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Oil heads for second 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 65 cents at $53.16 at 1138 GMT, after climbing to $53.20, its highest since April 21. U.S. benchmark crude oil was up 61 cents at $49.96 a barrel having touched $50.00 earlier in the session. 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 ...

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First Published: Fri, May 19 2017. 17:29 IST