London — Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from August and oil cartel Opec called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. Brent crude futures were up 68c at $49.28 a barrel by 10.54am GMT. US West Texas Intermediate futures rose 64c to $46.98 a barrel. At a meeting in the Russian city of St Petersburg on Monday, Opec and non-Opec producers discussed extending their deal to cut output by 1.8-million barrels a day beyond March 2018 if necessary. Saudi Energy Minister Khalid al-Falih said that his country would limit its crude exports to 6.6-million barrels a day in August, almost 1-million barrels a day below the levels of a year ago. "But the most concrete indication coming out of the meeting was that Nigeria would agree to implement production adjustments," Vienna-based consultancy JBC Energy said. Nigeria voluntarily agreed to join the deal by capping or cutting its ...
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