Oil rises as Saudia Arabia and Russia discuss output cuts throughout 2018
London — Oil prices rose on Thursday on signs that Saudi Arabia and Russia would limit production throughout next year outweighed record US exports and the return of production at a major Libyan oil field. "Bullish comments from the Russian and Saudi energy ministers are helping arrest the recent decline in oil prices," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. Brent crude was up 70c at $56.50 a barrel by 1.40pm GMT. US light crude was 40c higher at $50.38. Both crude benchmarks have fallen more than 5% over the past week as investors booked profits after almost three months of gains. Russian President Vladimir Putin said this week that a pledge by oil cartel Opec and other producers, including Russia, to cut output to boost prices could be extended to the end of 2018, instead of expiring in March 2018. Russian energy minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply. The statem...
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