Oil prices edge up in anticipation of extended crude output cut

10 May 2017   Prices

A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. Oil prices edged up on Tuesday, driven by anticipation that an OPEC-led pledge to cut production would be extended beyond the first half of the year and into 2018, although overall high supply still weighed on markets. Brent crude futures, the international benchmark for oil prices, were at $49.60 per barrel at 0045 GMT on Tuesday, up 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.66 per barrel, up 23 cents, or 0.5 percent from the day before. The higher prices were a result of top exporter and de facto OPEC leader Saudi Arabia saying on Monday it would “do whatever it takes” to rebalance a market that has been dogged by oversupply for over two years, […]

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