Oil extends rise Friday; Brent at $53 pb

Oil extends rise Friday; Brent at $53 pb
(Photo credit: Arabianeye-Reuters)

Mubasher: Oil prices continue to rise on Friday, with Brent crude surpassing the $53 per barrel (pb) level.

By 10:05 am GMT, Brent crude and Nymex future contracts rose 1.09% each to $53.08 pb and $49.89 pb, respectively.

Reports indicate that investor optimism came on the back of a probable extension of the deal to trim oil production by the Organization of Petroleum Exporting Countries (OPEC), which is scheduled to convene on Thursday, 25 May in Vienna.

Source: Mubasher