Oil prices edge up, on track for biggest gain in five weeks

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Oil prices rose slightly on Friday, on track for their biggest weekly gain in five weeks, helped by expectations of an extension of OPEC-led output cuts and buoyed by falling U.S. crude inventories. U.S. light crude oil was up 7 cents at $47.90. A larger-than-expected fall last week in U.S. crude inventories , which dropped 5.3 million barrels, suggested cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers were tightening the market, analysts said.

May 12, 2017 at 08:24PM

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