WTI sits above $50 for the first time since June

WTI oil trades above $50.00 levels in Asia for the first time since June as markets continue to cheer the prospects of OPEC output cut.

At the time of writing, the US benchmark was trading largely unchanged on the day around $50.40/barrel.

Oil bulls received another shot in the arm Algerian Energy Minister Nouredine Bouterfa said OPEC could even decide at a November meeting in Vienna to cut output by another 1% on top of the reduction agreed to in September if required.

US data released earlier this week was supportive, given that it showed another drop in US oil inventories.