A man working in a filling station of Sinopec, China Petroleum and Chemical Corporation, in Shanghai, China, on March 22, 2018.
Johannes EIsele | AFP | Getty Images
Oil prices rose more than 2% on Thursday following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020, while fresh signs emerged that China had invited U.S. trade negotiators for a new round of talks.
Brent crude futures gained $1.57, or 2.5%, to settle at $63.97 a barrel, while West Texas Intermediate crude futures surged to a two-month high, gaining 2.8% to settle at $58.58, according to Dow Jones.
To support oil prices, the Organization of the Petroleum Exporting Countries and its allies are likely to extend output cuts to June when they meet next month, according to OPEC sources. Read more…