London — Oil prices rose on Thursday as an Opec-led meeting started in Vienna after initial comments from the group’s members suggested an extension of current crude output curbs until the end of 2018 would be its most likely outcome. The oil cartel is meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, including Russia, throughout the day. The meeting is expected to decide on an extension to ongoing output cuts, which have seen the group reduce oil production by 1.8-million barrels a day, which has bolstered crude prices by 40% since the middle of the year. Comments at a morning session attended only by members of Opec itself suggested ministers were likely to back a nine-month extension to the deal. As it is due to expire in March, this would draw out the deal until the end of next year. The most-active February Brent contract was trading 77c up at $63.30 a barrel at 10.39am GMT, having traded in a range of less than $1. Th...
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