Oil prices move higher
30 Mar 2017 - 21:56
London: Oil prices rose further yesterday, building on two days of increases after Kuwait gave its backing for an extension of Opec production cuts in an attempt to reduce global oversupply.
Brent crude oil was up 20 cents at $52.62 a barrel by 1330 GMT. US crude oil was 45 cents higher at $49.96 a barrel.
Both benchmark crude contracts rose more than $1 a barrel yesterday to their highest levels for two weeks, rebounding from four-month lows. The futures contracts appeared to be searching for a new trading range, brokers said.
Kuwait oil minister Essam Al Marzouq said yesterday his country was among several nations supporting the extension into the second half of the year of a deal between The Organization of the Petroleum Exporting Countries and other exporters to limit production, state news agency KUNA reported.