Oil stable on hopes of OPEC deal extension

Dhaka,  Tue,  27 June 2017
Published : 12 May 2017, 10:49:03
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Oil prices stable on expectation of output cut extension

Oil stable on hopes of OPEC deal extension
Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as US crude inventories fell to their lowest levels since February.

Brent crude futures, the international benchmark for oil prices, were at $50.82 per barrel at 0120 GMT on Friday, up 5 cents from their last close.

US West Texas Intermediate crude oil futures were trading at $47.89 per barrel, up 6 cents from the last settlement.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.

OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction.

The bank also said that a fall by 5.3 million barrels in US crude inventories C-STK-T-EIA this week to 522.5 million barrels was "providing some fundamental support for prices".

Based on the lower US inventories and the expectation of an extended production cut, this week has the market stabilise, according to Reuters.
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