Oil prices extend gains

Dhaka,  Wed,  23 August 2017
Published : 16 May 2017, 13:03:04
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Oil prices extend gains on hope of output cut extension

Oil prices extend gains
Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018.

Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $49.10, up 25 cents, or 0.51 per cent from their last settlement.

In order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed the need for a 1.8 million barrels per day (bpd) crude supply cut to be extended for nine months, until the end of March 2018.

However, there is no final deal yet despite the pledge by Saudi Arabia and Russia, as the other producers participating in the cuts have to agree to the extension during a meeting on May 25, reports Reuters.
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