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Oil prices extend gains on output cut optimism

Xinhua, May 18, 2017 Adjust font size:

Oil prices settled higher Thursday amid growing signs that key oil producers will adhere to production cut deal at next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC).

Algerian Energy Minister Noureddine Boutarfa said Thursday that most OPEC members support Saudi Arabia and Russia's proposal to extend oil production curbs to March next year, according to the Bloomberg.

Leaders from OPEC and other producers are going to meet in Vienna on May 25 to decide on output policy. The group is widely expected to prolong its crude output cut agreement for up to nine months.

The West Texas Intermediate for June delivery rose 0.28 U.S. dollars to settle at 49.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.30 dollar to close at 52.51 dollars a barrel on the London ICE Futures Exchange. Enditem