Oil Futures are were down in the Asian market in the previous session as investors trimmed their bets ahead of next week’s Meeting between the Organization of the Petroleum Exporting Countries.
In the meeting, the OPEC members is expected to agree to extend the process of cutting down oil production that aims to re balance the demand and supply of oil in the markets.
Early today oil futures was up to nearly the highest in a a month because of the growing optimism that major countries will extend the output cuts in order to curb the oil glut.
Brent Crude futures was up by 28 cents which was equal to 0.5 percent and was being sold at $52.79 the contract rose even further later in the session to reach a peak of 4 percent this week.
The U.S. crude oil was also up by 29 cents an equivalent to 0.6 percent and was being sold at $49.64 per barrel, the highest prices since April 26. The contract is also heading for a weekly increase of almost 4 percent.
However, market watchers are trading with more confidence because of the news that OPEC and other major producers including Russia will agree to cut oil production to an almost 1.8 million barrels per day until the end of March 2018. U.S.
Saudi Arabian crude oil exports climbed by 274,000 barrels a day in March as Stockpiles rose, this was an official data that was released on Thursday.