In consequence of the expectations by traders over the Organization of the Petroleum Exporting Countries-led production cut, oil prices stayed still on Friday, 12 May 2017. The US crude inventories skid to their lowest levels since February 2017.
The International Brent crude futures figured at USD 50.78 per barrel in the early trade on Friday, which was nearly unchanged from their previous close.
Reportedly, the Countries like Russia, Saudi Arabia, Iraq and Algeria, along with the OPEC have pledged to slash output by 1.8 million barrels bpd during the first half of the year. OPEC and the other participating producers are scheduled to meet on May 25 in Austria, Vienna to decide whether to extend the cuts and, agree a deeper reduction.
Meantime, price of MCX Oil extending Recovery at Rs. 3,100 per barrel, since a recovery from lows under Rs 3, 000 mark extended. WTI Crude oil aided to support on continued buying after testing 5-month lows. WTI futures are at present trading near USD 48 per barrel.