Oil reclaims $50

West Texas Intermediate crude oil has reclaimed the $US50 level for the first time in a month. The energy component trades up 1.3% at $US50 a barrel as of 9:31 a.m. ET.

The energy component has rallied more than 14% over the past two weeks amid speculation OPEC producers would enetend their production cuts into 2018.

On Monday, energy ministers from Russia and Saudi Arabia that supply cuts should be extended until March 2018. That would be longer than the proposed six-month extension. Other energy ministers have come out since then, backing the proposed extension.

OPEC meets on May 25.

Get the latest Oil WTI price here.

NOW WATCH: Here’s what popular dog breeds looked like before and after 100 years of breeding

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.