Oil reclaims $50
Advertisement
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.
Advertisement
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, energy 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.
Advertisement
Get the latest Oil WTI price here.
Advertisement
- Fresh photographs of Milky Way’s black hole Sgr A* reveal strong, twisted magnetic field similar to M87*
- 8 Lesser-known places to explore in Himachal Pradesh
- Markets end FY24 on buoyant note amid positive global cues
- SRM Contractors IPO allotment – How to check allotment, GMP, listing date and more
- Rupee falls 6 paise to settle at 83.39 against US dollar