Oil prices rise as crude output cut extended

NEW YORK, Nov. 30 (Xinhua) -- Oil prices rebounded Thursday as OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil producers agreed to extend the production cut till the end of 2018.

Twenty-four countries decided to maintain production cut of about 1.8 million barrels per day (bpd) until December 31, 2018, said Khalid Al-Falih, Saudi Arabian Minister of Energy, Industry and Mineral Resources.

The decision came within analysts' expectation though Russia, ahead of the meeting, expressed concern over the extension of the output cut.

In 2016, the OPEC countries reached an agreement in Vienna to reduce daily oil production during the first half of 2017 to boost global oil prices. The agreement was also supported by 11 non-OPEC states.

In late May, the parties to the deal agreed to extend the accord until the end of March 2018.

The West Texas Intermediate for January delivery increased 0.10 U.S. dollar to settle at 57.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery added 0.46 dollar to close at 63.57 dollars a barrel on the London ICE Futures Exchange. Enditem