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Oil rises; producers pledge output cuts ahead of meeting

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose on Thursday ahead of next week's OPEC meeting as key producing countries suggested they would adhere to production cuts to reduce a global crude glut.Brent crude rose 30 cents a barrel to $52.51 at 2 p.m. EDT (1800 GMT). U.S. crude oil rose 23 cents to $49.30.Market watchers are growing more confident that the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia will extend output cuts of almost 1.8 million barrels per day (bpd) until the end of March 2018.Russia's largest oil producer Rosneft will ...

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First Published: Fri, May 19 2017. 01:15 IST