Oil Rises on Expectations of Extended Supply Curbs

Christopher Johnson | Reuters

Due to a 9 month extension of supply cuts supported by Saudi Arabia, Russia and Kuwait, rising US production and inventories are unlikely going to be affected and are anticipated to continue to grow.

Oil prices extended gains on Tuesday after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018 in an effort to drain a global glut. Brent crude oil was up 30 cents at $52.12 a barrel by 1215 GMT (8.15 a.m. ET). U.S. light crude was also 30 cents higher at $49.15 a barrel. Both benchmarks have risen more than $5 since hitting five-month lows 10 days ago. Saudi Arabia and Russia said on Monday they agreed on the need for a 1.8 million barrels per day (bpd) crude supply cut to be extended by nine months, until the end of March next year.

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