Crude prices ascend on prospect that Saudi Arabia seeks output cut extension

Crude prices ascend on prospect that Saudi Arabia seeks output cut extension

On Wednesday, crude rose, putting crude futures on track for their longest streak of revenues since August 2016 because Saudi Arabia was reported to be lobbying OPEC as well as other oil producers to extend an output cut beyond the first half of this year.

Brent crude futures LCOc1 hit $56.40 a barrel, soaring 0.3%, from their last close, thus demonstrating their highest outcome since early March.

If Wednesday's price rise hold, they would boast the seventh straight daily surge. It would surpass a six-day bull-run from August 2016, though the price leap then was 17.5% vs. a 6% soar in the current rally of consecutive surges.

Besides this, US West Texas Intermediate crude futures CLc1 inched up 0.3%, hitting $53.56 a barrel. It’s also their highest value since early last month.

Market participants stressed that the price leaps turned to be a direct result of reports that Saudi Arabia had asked other crude producers that it was eager to extend a coordinated output cut beyond the first half of 2017. 

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