Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018 gained traction with other suppliers. Brent crude futures were at $52.07 per barrel as of 0612 GMT, up 25 cents, or 0.5%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $49.09 a barrel, up 24 cents, or 0.5%. Kuwait’s oil minister Essam al-Marzouq said on Tuesday that his country supported the Saudi/Russian initiative. However, James Woods, investment analyst at Australia’s Rivkin Securities said that oil supplies would likely remain plentiful despite an extended cut.

Source: Hindustan Times May 16, 2017 06:22 UTC