New York — Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of Organization of the Petroleum Exporting Countries (Opec) production cuts in an attempt to reduce global oversupply. Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension into the second half of the year of a deal between Opec and other exporters to limit production, state news agency KUNA reported. Opec agreed to reduce its oil production by 1.2-million barrels per day during the first six months and so far, output has fallen for a third straight month and members have now complied with 95% of their commitments. "I see no sign from Opec and Saudi Arabia that they will not roll over the cut into the second half of the year ... the market is about to go from supply surplus to deficit on crude " said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina. Other oil exporters outsid...
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