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Oil prices build on gains on expectation of extended crude supply cut

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - 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 gained traction with other suppliers.Brent crude futures were at $52.07 per barrel as of 0612 GMT, up 25 cents, or 0.5 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $49.09 a barrel, up 24 cents, or 0.5 percent.In order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed to the need for a 1.8 million barrels ...

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First Published: Tue, May 16 2017. 11:54 IST