TOKYO (Reuters) – Oil prices rose around 1% 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%, at $62.17 a barrel by 0041, having risen earlier to $62.41. They gained 1.7% on Thursday.
US - West - Texas - Intermediate - Crude
U.S. West Texas Intermediate crude futures were up 50 cents, or 1%, at $53.09 per barrel, after trading as high as $53.33. They finished the previous session 1.8% higher.
On Wednesday, Brent and WTI sank to their lowest levels since mid-January at $59.45 and $50.60 respectively, after U.S. crude production hit a new record-high and stockpiles climbed to their highest since July 2017.
Contracts - Territory - % - Peaks - April
By then, both contracts were in bear-market territory, having lost more than 20% from peaks reached in late April.
But on Thursday oil prices followed U.S....
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