Crude heads for second week of gains on output curbs hope

LONDON Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.

Brent crude was up 65 cents at $53.16 at 1138GMT, after climbing to $53.20, its highest since April 21. US benchmark crude oil was up 61 cents at $49.96 a barrel having touched $50.00 earlier in the session. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion has swayed over whether cuts by the Organisation of the Petroleum Exporting Countries and other producers will offset rising US output.

“The battle between bulls and bears is raging on oil,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.