Oil is back above $50 for the first time in a month

West Texas Intermediate crude oil has reclaimed the $50 level for the first time in a month. The energy component trades up 1.3% at $50 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 extend their production cuts into 2018.

On Monday, energy ministers from Russia and Saudi Arabia stated that supply cuts should be extended until March 2018. That would be longer than the previously 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.

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