US oil holds near seven-week high; OPEC upbeat on output curbs

US oil holds near seven-week high; OPEC upbeat on output curbs
US oil holds near seven-week high; OPEC upbeat on output curbs

U.S. oil prices held near seven-week highs on Wednesday after OPEC signaled optimism over its deal with other producers including Russia to curb production and clear a glut that has weighed on the market since 2014.

The U.S. April crude contract the new front-month future, was up 3 cents at $54.36 a barrel at 0028 GMT. On Tuesday, the March contract expired up 66 cents, or 1.2 percent, at $54.06, after peaking at $54.68, the highest since Jan. 3.

Brent crude was yet to trade after ending the previous session at $56.66 a barrel, up 48 cents or 0.9 percent. It earlier reached its highest since Feb. 2 at $57.31.

CNBC

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