Oil Prices Extend Gains, Move Further Away From Five-Month Lows

Oil prices rose around 1 per cent on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts. Brent crude futures were up 50 cents, or 0.8 per cent, at $62.17 a barrel by 0041, having risen earlier to $62.41. They gained 1.7 per cent on Thursday. On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after US crude production hit a new record-high and stockpiles climbed to their highest since July 2017.

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