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Oil prices rise on expectations for output cut deal extension

Xinhua, March 30, 2017 Adjust font size:

Oil prices rose Thursday on reports that major oil producers may extend an output cut deal which is set to expire by the end of June.

Media reports said Thursday that Kuwait was among several nations supporting the extension of a deal between the Organization of the Petroleum Exporting Countries and other producers to limit output.

Analysts said the news eased concerns about lingering global glut and supported the oil prices.

The West Texas Intermediate for May Delivery added 0.84 U.S. dollar to settle at 50.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.54 dollar to close at 52.96 dollars a barrel on the London ICE Futures Exchange. Endit