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MTECHTIPS;-Crude settles above $50 amid optimism for OPEC deal extension

Friday, March 31, 2017 2:25

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MTECHTIPS;-Crude settles above $50 amid optimism for OPEC deal extension

MTECHTIPS-Crude futures settled higher on Thursday, amid optimism that an OPEC led production cut deal would be extended beyond June, following bullish comments from Kuwait oil chief Assam al-Marabou. On the New York Mercantile Exchange crude futures for May delivery gained 84 cents to settle at $50.35 a barrel, while on London’s Intercontinental Exchange, Brent gained 61 cents to trade at $53.15 a barrel. Crude futures settled above the key $50-level, as crude prices hit a three-week high of $50.45, after Kuwait oil minister said his country was among several nations that supported the idea of extending the current deal between OPEC and non-OPEC members beyond June. In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years. OPEC members have been high compliance with the deal to cut supply, which came into effect in January this year, while a ramp up in U.S. production of shale and crude has weighed on oil prices.

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