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ICBC Global Market: Oil and Other Commodities Market Update - May 19, 2017

Oil prices settled higher on Thursday, as market watchers are growing more confident that the Organization of the Petroleum Exporting Countries (OPEC) will extend output cuts with the focus on how long the deal will be extended and how deep the cut will be. Front-month U.S. West Texas Intermediate crude futures rose 0.78 percent at $49.34 a barrel. Front-month Brent crude futures closed up 0.79 percent to $52.50 a barrel. The spread between the two benchmarks stood at $3.16 a barrel.

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