Oil nears 1M-high; Brent to gain 4% in week

Oil nears 1M-high; Brent to gain 4% in week
(Photo credit: Arabianeye-Reuters)

Mubasher: Oil prices rose to one-month highs on Friday, and are likely to record weekly gains of around 4%.

By 8:10 am GMT, Brent crude futures rose 0.7% to $52.85 per barrel (pb), while Nymex crude added 0.8% to $49.73 pb, with both oil products likely to see a weekly increase of around 4%.

Late Thursday, Russia's Rosneft said it was committed to its deal with the Organization of Petroleum Exporting Countries (OPEC) to trim production.

OPEC members are scheduled to meet on Thursday, 25 May to discuss extending the oil production cut.

In November 2016, OPEC members agreed to reduce oil output by 1.8 million barrels per day starting January 2017 in an attempt to bolster oil prices.

Data regarding the number of US oil rigs last week is scheduled for later on Friday.

Source: Mubasher