Off the wire
• Spotlight: Turkey-U.S. ties in spotlight as Erdogan faces tough talks with Trump  • Chicago agricultural commodities settle mixed  • Magnesium variability extends findings to Earth's past temperatures  • Bolivia, Brazil ask Peru to jointly combat border crime  • 1st LD: 2 killed in small private jet crash in residential area in New Jersey  • Lula denied new defense witnesses in corruption trial  • EU eyes scaling up presence in Africa amid migration pressure  • No further reported incidences of WannaCry ransomware in Ireland  • Less than 70,000 dollars paid in "ransomware" cyberattack: White House  • Morocco, Nigeria sign deal to build gas pipeline across West Africa  
You are here: 　 Home

Oil prices keep rising on production cut optimism

Xinhua, May 15, 2017 Adjust font size:

Oil prices settled higher for a fourth straight session Monday as Saudi Arabia and Russia said crude supply cut deal needed to be extended into 2018.

Saudi Arabia and Russia energy ministers said Monday that supply cuts should be prolonged for nine months, until March 2018, which is longer than the optional six-month extension specified in the deal, according to the Reuters.

The ministers also said they hoped other producers would join the supply cut, which would initially be on the same volume terms as before.

The West Texas Intermediate for June delivery jumped 1.01 U.S. dollars to settle at 48.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.98 dollar to close at 51.82 dollars a barrel on the London ICE Futures Exchange. Enditem