Oil rises 2 percent, boosted by potential OPEC deal

‍Oil prices rose about 2 percent on Thursday as signs Saudi Arabia and Russia would limit production through next year pushed the US benchmark back above 50 US dollars a barrel.

The news outweighed Wednesday’s US data showing record US exports and the return of production at a major Libyan oilfield.

Brent futures settled at 57 US dollars a barrel, up 2.2 percent, or 1.20 US dollars, while US crude rose 81 cents, or 1.6 percent, to end at 50.79 US dollars.

Russian President Vladimir Putin said this week that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018.

‍Oil prices rose about 2 percent on Thursday as signs Saudi Arabia and Russia would limit production through next year pushed the US benchmark back above 50 US dollars a barrel.

The news outweighed Wednesday’s US data showing record US exports and the return of production at a major Libyan oilfield.

Brent futures settled at 57 US dollars a barrel, up 2.2 percent, or 1.20 US dollars, while US crude rose 81 cents, or 1.6 percent, to end at 50.79 US dollars.

Russian President Vladimir Putin said this week that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018.

(REUTERS)