Oil back over $50 per barrel on report of output cut extension
Now read: USO: Higher After Bear Trap?
- Ahead of next week's meeting of the cartel, an OPEC panel is considering the option of deepening and extending the crude output cut deal, according to sources.
- Saudi Arabia and Russia (not in OPEC) have already agreed on the need to extend the current output cut regime until next March.
- Black gold has pushed back through $50 per barrel, now up 1.4% on the session. USO +1.35% premarket
- ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, DWT, OILK, OILX, USOI, UWT, WTID, WTIU