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Monday, May 22, 2017

Oil up on expectations of extended, possibly deeper, output cut

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Oil up on expectations of extended, possibly deeper, output cutOil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions the cuts could even be deepened. Brent crude gained 28 cents to $53.89 a barrel by 1337 GMT, with U.S. light crude up 30 cents at $50.63. “The decision (to extend cuts) seems to be almost a done deal,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets.

May 22, 2017 at 11:16PM

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