Oil accelerates gains as OPEC+ mulls extending cuts
Crude prices accelerated gains on Friday ahead of the next OPEC+ meeting, where a possible extension to output cuts will be discussed.
Saudi Arabia and Russia have reportedly agreed on the need to extend production cuts by another month, while the continued reopening of economies across the world also supported prices that were ravaged by the coronavirus pandemic earlier this year.
Brent for August settlement climbed 2.65% to $41.05 per barrel at 5:25 am ET. At the same time, West Texas Intermediate contracts for July rose 1.84% to $38.10 a barrel.
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