Oil spikes above $50

Thomson Reuters Investing.com - Oil prices reversed earlier losses on Thursday, reaching a fresh three-week high amid speculation that OPEC will extend its production-cut deal beyond June. Brent oil for June delivery on the ICE Futures Exchange in London rose 23 cents, or around 0.5%, to $52.78 a barrel by 9:00AM ET (13:00GMT), after hitting a high of $52.95 earlier, the most since March 10. Elsewhere, the U.S. West Texas Intermediate crude May contract reached a session peak of $49.98 a barrel,...