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Oil prices rally on hopes of supply cut extension

Xinhua, May 8, 2017 Adjust font size:

Oil prices settled slightly higher Monday as remarks from major producers suggested that they were considering extending their crude output cut deal into next year.

The West Texas Intermediate for June delivery rose 0.21 U.S. dollar to settle at 46.43 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.24 dollar to close at 49.34 dollars a barrel on the London ICE Futures Exchange. Enditem