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Oil prices rise on expectations of OPEC supply-cut deal prolongation

Crude oil prices surged slightly higher on Friday but were still set for a second consecutive week of losses on doubts that OPEC supply-cut deal have led to balance on an oversupplied market.

June Brent was up 0.82 percent at $51.86 per barrel. Global oil benchmark is near 8.5 percent lower from its April high and is on way for a second straight week of falling.

WTI light sweet crude oil futures rose 0.88 percent to $49.40 per barrel.

Friday's price increase was possible because of OPEC statement that it worked on extension of production cut to ensure a decrease of oversupply. In May, OPEC will settle whether to extend current output limitation.

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  • avatar-2494
    • #

    Oil prices will unstable very long period of time and OPEC's output cuts just stop oversupply temporarily.

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