Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts. Reporting by Jane Chung; Editing by Richard Pullin and Kenneth Maxwell
Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel as of 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.5%, to $37.58 a barrel.
Brent has risen about 14% this week, while WTI is up nearly 6%, leaving benchmarks on track for the sixth week of gains. The surge was triggered by the output cuts amid signs of improving fuel demand as countries begin to ease lockdowns they had imposed to prevent the spread of the new coronavirus.
Edward Moya, a senior market analyst at OANDA, said oil prices are heading for a sixth weekly rise but gains had softened as traders are taking the prospect of Iraq’s full commitment to supply cuts “with a grain of salt”.
“There still could be a chance that they manage to stretch the cut deal to three months, but energy traders would be extremely sceptical that compliance would remain high beyond July,” Moya added.
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