Crude extends rebound because OPEC hints at supply drops beyond 2017

Crude extends rebound because OPEC hints at supply drops beyond 2017

On Tuesday, crude prices rose in European trade, extending a rebound off the previous week's four-month minimums on the probability that major producers could extend output dips beyond an agreed-on June deadline.

June delivery US West Texas Intermediate crude futures grew 0.5%, being worth $46.67 a barrel.

On Monday, the US benchmark settled higher for the second trading session, rebounding having hit its lowest value since November 14 at $43.76 on Friday.

Meanwhile, July delivery Brent futures in London jumped 25 cents, showing $49.59 a barrel. On Friday, this benchmark tumbled to $46.64, a value not observed since November 15.

OPEC along with non-member crude producers are actually considering extending a global supply drop for nine months or even more in order to clear a supply glut.

According to one industry source, there had been talks about extending curbs until the end of the first quarter of next year, when oil demand should be seasonally poor. 

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