Brent back above $54

Brent crude traded above $54 a barrel for the first time in a month as oil prices extend last week’s solid rally ahead of a key OPEC meeting in a few days’ time.

Benchmark oil prices rallied about 5.5% last week, their best result since early December, after Russia and Saudi Arabia announced they favoured extending their production cuts beyond the initial deadline of March next year, the Financial Times reported.

Brent crude was up 0.9% at $54.08 a barrel, the first time it has traded above $54 since April 19. West Texas Intermediate gained 0.9% to $50.80.