Crude stabilizes on hopes for extended output cut, but American oil exports drag

Crude stabilizes on hopes for extended output cut, but American oil exports drag

On Thursday, crude prices stabilized on hopes that Russia and Saudi Arabia would managed to extend output cuts, though record American exports affected the market.

Brent crude futures LCOc1 hit $55.89 a barrel soaring 0.16% from their last close.

On Wednesday, Russian President Vladimir Putin told that a promise by the Organization of the Petroleum Exporting Countries as well as other producers, including Russia, to reduce crude output to back prices could be extended to the end of next year.

Putin and Saudi Arabia’s King Salman will most probably reach an agreement to extend the OPEC/non-OPEC output deal, although with a strong commitment to tame the cuts, as some financial experts state.

The pact on reducing crude output by nearly 1.8 million barrels a day took effect in January 2017.

West Texas Intermediate crude futures CLc1 reached $49.97 a barrel, losing 1% from their previous close.

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