Brocker.Org: Oil is back above $50 for the first time in a month

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West Texas Intermediate crude oil has reclaimed the $50 level for
the first time in a month. The energy component trades up 1.3% at
$50 a barrel as of 9:31 a.m. ET. 

The energy component has rallied more than 14% over the past two
weeks amid speculation OPEC producers would extend their
production cuts into 2018.

On Monday, energy ministers from Russia and Saudi Arabia
stated
 that supply
cuts should be extended until March 2018
. That would
be longer than the previously proposed six-month extension.
Other energy ministers have come out since then, backing the
proposed extension.  

OPEC meets on May 25. 



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