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Business

May 20, 2017

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Oil rises

Oil rises

Tokyo

Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.

Brent crude was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains.

U.S. crude oil was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.

Since the beginning of March, crude prices have swung from over $56 a barrel to under $47 as market participants were divided over the impact of rising output from the United States versus production cuts by the Organization of Petroleum Exporting Countries (OPEC) and otheroil producers, including Russia.

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