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Oil buoyed by output cut deal extension hopes

Published 05/22/2017, 08:31 AM
Updated 05/22/2017, 08:31 AM
© Reuters.

© Reuters.

Investing.com - Oil was higher Monday underpinned by growing hopes for an extension of an output cut deal by major producers.
U.S. crude was up 48 cents, or 0.95%, at $51.15 at 08:00 ET. Brent gained 48 cents, or 0.90%, to $54.09.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.
Saudi Arabia's energy minister Khalid al-Falih said over the weekend he believed everyone was on board for a nine-month extension of the output cuts to March of next year.
OPEC and non-OPEC producers are due to meet Thursday on the possible extension.
Baker Hughes Friday reported an increase of 8 to 720 in the U.S. oil rig count in the latest week.
That was the highest number since April 2015, highlighting the increase in U.S. drilling activity.

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