Oil leaders agreed to extend production cuts until the end of next year on Thursday, an uncharacteristically united front for the notoriously fractious group. Earlier this year, the oil cartel agreed to pump out 1.8 million barrels less oil every day, in an attempt to stabilize prices. That seems to have worked, as oil has rallied to its highest point in 2.5 years in recent months. A barrel of the North American crude oil benchmark was changing hands at $57.14 US on Thursday, slightly off its recent highs. "We need to work out a strategy for 2018," Russian Energy Minister Alexander Novak said ahead of a meeting with OPEC leaders that started around 10 a.m.

Source: CBC News November 30, 2017 15:15 UTC