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Oil rises ahead of OPEC, key producers pledging cuts

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose on Thursday in a volatile session on growing signs that key oil producers will adhere to production cuts at next week's OPEC meeting amidst a persistent global glut.Brent crude rose 30 cents a barrel to $52.51 by 11:30 a.m. EDT (1530 GMT). U.S. crude oil rose 30 cents to $49.37.The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia pledged to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2016, a deal likely to be extended until the end of March 2018.Leaders from OPEC and ...

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First Published: Thu, May 18 2017. 22:57 IST
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