Oil Climbs Higher Amid Supply Speculation

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Crude futures were seen trading higher on Friday, advancing for a fifth week in a row, boosted by speculation that major producers may strike a deal sooner than expected. 

Prices for the North American West Texas Intermediate (WTI) crude traded 1.51% higher to $42.29 per barrel on the New York Mercantile Exchange at the time of writing. The European benchmark Brent crude gained 1.61% to $42.19 a barrel on the London-based ICE Futures Europe exchange.

The next meeting of the Organization of Petroleum Exporting Countries (OPEC) is scheduled to take place on April 17 in Doha, with both members and non-members of the oil cartel expected to discuss a proposed cap on the production.

A previous agreement on the cut down on production was already reached, however, talks on finalizing the agreement fell through after Iran rejected to freezing production.

Meanwhile, Russia is willing to have a deal that will offer an individual solution for Iran, according to reports. Russia’ Minister of Natural Resources and Environment, Sergei Donskoi said that the current amount of oil extracted will begin to drop from 2020.