Oil reclaims $50
West Texas Intermediate crude oil has reclaimed the $50 level for the first time in a month. The energy component trades up 1.3% at $50 a barrel as of 9:31 a.m. ET.
The energy component has rallied more than 14% over the past two weeks amid speculation OPEC producers would enetend their production cuts into 2018.
On Monday, e nergy ministers from Russia and Saudi Arabia that supply cuts should be extended until March 2018 . That would be longer than the proposed six-month extension. Other energy ministers have come out since then, backing the proposed extension.
OPEC meets on May 25.
Get the latest Oil WTI price here.