Stock Advisory in Indore, Oil stable on expectations of extended OPEC-led production cut

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Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February. International Brent crude futures were at $50.78 per barrel at 0159 GMT on Friday, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.85 per barrel, up 2 cents. "Crude prices could be poised for recovery," U.S. investment bank Jefferies said in a note. "Net length (in open crude oil futures positions) is at its lowest level since November 2016, which could support a significant price rally if OPEC does extend production cuts," Jefferies added. 

The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year. OPEC and the other participating producers are scheduled to meet on May 25 in Vienna, Austria, to decide whether to extend the cuts and, potentially, agree a deeper reduction.