Oil rises after the extension of Russia and OPEC production cuts


Oil prices rose on Friday after OPEC member states and non-OPEC producers, led by Russia, agreed to extend the production cuts agreement until the end of 2018.
By 0610 GMT, the benchmark Brent crude was up 25 cents, or 0.4 percent, to $ 62.88, while US WTI crude futures rose 18 cents, or 0.31 percent, to $ 57.58.
An agreement to cut production by 1.8 million barrels per day (bpd) was due to expire by the end of March, but the 24 countries agreed in Vienna on Thursday to extend it for another nine months.
And that the participating countries will discuss the issue of amendments to the agreement during the OPEC meeting in June 2018, based on timely market data.
Brent crude ended yesterday’s trading session up 46 cents, or 0.7%, to settle at $ 63.57 a barrel. US WTI closed up 10 cents or 0.2% to $ 57.4 a barrel.
The Brent mix ended November with gains of 3.5%, while US crude gained 5.5%.

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