Oil prices close higher at the highest level during the month
Brent oil prices closed on Saturday for the highest level during the month with expectations that conform to OPEC and non-member producers to extend production cuts when they meet next week.
Oil prices rose by more than 2% by recording the highest level in the current May, despite the global supply glut of crude amid difficulties due to weak demand and growing production in other regions, especially in the United States.
Brent prices rose to close at US $ 53.77 per barrel and an increase of $ 1.26 or 2.40%, while US crude prices rose to close at US $ 50.48, up 1.13, or the equivalent of 2.29%.
Organization of the Petroleum Exporting Countries meets other producers, including Russia, on May 25 and is expected to decide to extend the production cut of 1.8 million barrels per day until the end of March 2018.