Singapore — Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. Brent crude futures were at $51.95 a barrel at 4.57am GMT, up 13c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were at $48.98 a barrel, up 13c, or 0.3% from their last settlement. In order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed to the need for a 1.8-million barrels a day crude supply cut to be extended for nine months, until the end of March 2018. However, there is no final deal yet despite the pledge by Saudi Arabia — the world’s top exporter and de-facto leader of oil cartel Opec — and top producer Russia, as the 12 remaining Opec members and other producers participating in the cuts have to agree to the extension during a meeting on May 25. "It remains to be seen whether all countries participating in the deal will agree...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.