News 19 may — 10:29

Oil prices are on the rise

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Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains.

According to Reuters, Brent crude was up 28 cents, or 0.5 percent, at US$52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains.

U.S. crude oil was up 29 cents, or 0.6 percent, at US$49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.

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