Brent crude oil futures traded above 50 dollars a barrel for the first time in six weeks, today, as the world's biggest producers prepare to discuss a possible freeze in output levels.Brent hit a high of 50.05 dollars a barrel, before easing back to around 49.75 dollars as barrel, down 10 cents. U.S. light crude oil was up 20 cents, at 46.99 dollars a barrel.Brent has risen 20 percent from a low in early August, on news that OPEC, and other key exporters, will probably revive talks on freezing output levels when they meet in Algeria next month.But freezing production at current levels might not help bolster prices, analysts say. Saudi Arabia has signaled that it could boost its crude oil supplies in August to a new record, even as it prepares to discuss output levels with other producers.Oil prices are only marginally above where they were when the group met in Doha in April and couldn't agree to a deal.
News On AIR | August 18, 2016 7:30 PM
Brent crude oil trades above $50 a barrel