Oil prices rise on hopes output cuts to be extended

 Oil prices rise on hopes output cuts to be extended

Oil futures rose to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.

As of 08:18 (MSK) the prices of July futures for Brent oil increased by 0.78% to $52.92 per dollar on the ICE Exchange in London. The June futures for WTI oil increased by 0.93% to $49.81 per barrel at the New York Mercantile Exchange (NYMEX).

Market watchers are growing more confident that OPEC, Russia and other big producers will extend cuts of almost 1.8 million barrels per day (bpd) until the end of March 2018, Reuters reported.

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