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Oil prices climb on hopes output cuts will be extended

Reuters  |  TOKYO 

By Aaron Sheldrick and Henning GloysteinTOKYO (Reuters) - 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 ...

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First Published: Fri, May 19 2017. 12:14 IST
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