London — Oil prices extended gains on Tuesday after top producers Saudi Arabia, Russia and Kuwait supported prolonging supply cuts until the end of March 2018, in a bid to drain a global glut.Brent crude oil was up 30 US cents at $52.12 a barrel by 7.50am GMT. US light crude was 25c higher at $49.10 a barrel. Both benchmarks have risen more than $5 a barrel since hitting five-month lows 10 days ago.Saudi Arabia and Russia said on Monday that they agreed on the need for a 1.8-million barrels per day crude supply cut to be extended for nine months, until the end of March 2018.On Tuesday, Kuwait’s oil minister, Essam al-Marzouq, said he supported the Saudi-Russian initiative. Other Opec states are also expected to back the move at a meeting in Vienna on May 25.US bank Goldman Sachs said the deal was likely to extend the oil price rebound "although the rally so far … has remained modest compared to the move that occurred last year when the Opec cuts were first announced." James Woods, i...
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