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Oil prices climb on hopes output cuts will be extended

Reuters  |  TOKYO 

TOKYO (Reuters) - Oil futures rose in early trading on Friday 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 12 cents at $52.63 at 0006 GMT, after settling up half a percent on Thursday. The contract is on track for a 3.5-percent climb this week, a second week of gains.U.S. crude oil was up 14 cents at $49.49 a barrel, after finishing the previous session at $49.35 a barrel, the highest close since April 26. The contract is heading for a weekly increase of ...

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First Published: Fri, May 19 2017. 05:56 IST