WTI Crude
49.34
Brent Crude
52.25
Natural Gas
2.80

Oil Prices Mixed in Choppy Trade, Rising US Production Weighs

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Oil prices ended mixed on Thursday after a seesaw trading session, as investors weighed rising U.S. production against geopolitical uncertainties and comments from leading Gulf oil producers that an extension to OPEC-led supply cuts was likely.

The benchmark U.S. crude contract, West Texas Intermediate futures, settled down 17 cents for a fourth straight day of losses, to $50.27 a barrel. Brent futures posted modest gains, however, ending up 6 cents to $52.99 a barrel.

OPEC members Saudi Arabia and Kuwait signaled that the Organization of the Petroleum Exporting Countries and other producers, including Russia, would likely extend their oil output cut beyond June.

At a press conference in the United Arab Emirates, Saudi Energy Minister Khalid al-Falih said that “there is consensus building but it’s not done yet.”

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Written by Julia Simon for Reuters.com

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