You are here: Home » Reuters » News
Business Standard

Oil prices rise 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.As of 0653 GMT, brent crude futures were at $52.08 per barrel, up 26 cents, or 0.5 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $49.10 a barrel, up 25 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 per day (bpd) crude ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, May 16 2017. 13:26 IST
RECOMMENDED FOR YOU