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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.

Saudi Arabia's Oil Minister Khalid Al-Falih said on Monday that he's confident the output cut deal will be extended into second half of the year, and possibly into next year as well, according to media reports.

Russia is also ready to support extending the oil production cut deal beyond 2017, the nation's energy ministry said in a statement Monday.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers plan to make a decision on whether to extend the production cut agreement at its next meeting in Vienna on May 25.

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