Oil prices are rising

World oil prices rise on May 25 after OPEC and non-OPEC countries are close to agreeing to extend the deal.

Brent crude oil futures for July rose 0.82 percent to $ 54.40 a barrel. At the same time, the price of July futures on West Texas Intermediate (WTI) rose 0.76 percent to $ 51.75 per barrel.

A joint OPEC /non-OPEC ministerial committee met in Vienna, Austria for its third meeting on May 24 and said steady and convincing progress has been made towards full compliance with production adjustments. OPEC and non-member producers are ready to extend the deal to cut production by nine months.