London — Oil rose on Tuesday as expectations of an extension to OPEC-led supply cuts supported prices, reversing losses earlier in the session after a White House proposal suggested selling off half the country’s huge oil stockpile. Brent crude traded up 7 cents at $53.94 per barrel at 13:48 GMT, after a low of $53.20. U.S. light crude was up 10 cents at $51.23. The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers including Russia meet on May 25. They are expected to extend a pledge to cut output by 1.8 million barrels per day (bpd), possibly until March 2018. The cuts were initially agreed to last six months until the end of June. Kuwaiti Oil Minister Essam al-Marzouq said on Tuesday not all OPEC countries and its allies supported a nine-month extension and producers would discuss this week whether to extend output cuts by a six or nine months. But other delegates told Reuters they predicted a smooth meeting with a nine-month extension lik...
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