Oil extended gains above $52 a barrel as Russia signaled it’s weighing an extension to OPEC-led production cuts past June.
Futures rose as much as 0.7 percent in New York after advancing 3.2 percent last week following a U.S. military strike on Syria. Russia’s Energy Ministry has been in discussions with oil companies regarding the need to prolong the six-month deal when it expires, Energy Minister Alexander Novak said Friday. In the U.S., companies boosted drilling to the highest level since August 2015.
The support from some Organization of Petroleum Exporting Countries to extend the curbs has sparked a rally in oil above $50 a barrel, offsetting the increase in U.S. production and stockpiles. The cuts have stabilized the market and Russia will continue to watch inventory levels, but it is too early to decide whether the pact should be prolonged, Novak said.
Source: Bloomberg
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