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Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-Opec producers might agree to cut output following a cartel agreement to limit production. Both Brent and US benchmarks rallied after the former secretary general of Opec made comments supportive of non-member production cuts. The benchmarks remain more than $1 below the highs reached 5 December in the wake of the Opec deal. Brent settled up 89 cents, or 1.7%, at $53.89 a barrel. US light, sweet crude settled up $1.07, or 2.2%, at $50.84 a barrel.
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Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-Opec producers might agree to cut output following a cartel agreement to limit production. Both Brent and US benchmarks rallied after the former secretary general of Opec made comments supportive of non-member production cuts. The benchmarks remain more than $1 below the highs reached 5 December in the wake of the Opec deal. Brent settled up 89 cents, or 1.7%, at $53.89 a barrel. US light, sweet crude settled up $1.07, or 2.2%, at $50.84 a barrel.
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