Oil prices extend gains, move further away from five-month lows


Oil prices extend gains, move further away from five-month lows

Oil prices rose around 1% on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

Brent crude futures were up 50 cents, or 0.8%, at $62.17 a barrel by 0041, having risen earlier to $62.41. They gained 1.7% on Thursday. U.S. West Texas Intermediate crude futures were up 50 cents, or 1%, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8% higher.

On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after U.S. crude production hit a new record-high and stockpiles climbed to their highest since July 2017. Read More

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