Brent oil sees price above $53 on Friday
- Brent crude oil price increased by 4.62% to $53.17 while U.S. WTI rise by 3.02% to $50.02 on Friday

International benchmark Brent crude oil price increased by 4.62 percent to $53.17 while U.S. WTI increased 3.02 percent to $50.02 at 11.49 GMT on Friday compared to the week beginning.

Oil prices are increasing ahead of this year's OPEC meeting scheduled to start on May 25, where member countries are expected to discuss extending the output cut deal for another six months.

On Friday, Brent opened the day at $52.53 and WTI opened at $49.35.

Crude prices soared after Saudi Arabia and Russia agreed earlier on Monday to extend their oil production limitation deal until March 30, in an attempt to increase low oil prices and trim the oversupply in the global oil market.

In addition, the U.S.' crude oil production last week declined for the first time after rising for 12 consecutive weeks, according to the U.S.' Energy Information Administration (EIA) data.

Crude production fell by 9,000 barrels per day (bpd) to 9.3 million bpd for the week ending May 12, ending a three-month rising streak. The last time weekly crude oil output in the country fell was for the week ending Feb. 10, according to the EIA data.

Also, commercial crude oil inventories in the U.S. decreased 1.8 million barrels, or 0.3 percent, to 520.8 million barrels for the week ending May 12, marking the sixth consecutive week of decline, according to the EIA.

Gasoline inventories in the country also fell 0.4 million barrels, or 0.2 percent, to 240.7 million barrels during that period.

After the decline in crude and gasoline stocks, oil prices increased in the global market.


By Murat Temizer

Anadolu Agency

19 May,2017