Prices for front-month Brent crude futures , the international benchmark for oil, gained 36 cents to $51.11 per barrel by 1105 GMT. [nL5N1H51VN] The contracts also rose after Iranian Oil Minister Bijan Zanganeh said the global oil cut agreement between the Organization of Petroleum Exporting Countries and other major producers was likely to be extended. Rising stocks at Cushing tend to depress the U.S. benchmark price, widening its discount to Brent , which in turn makes U.S. crude oil attractive to importers. Analysts polled by Reuters expect that nationwide crude oil stocks rose by 1.2 million barrels to a fresh record [nL2N1H4136] [EIA/S]. [nL3N1GU1GS] [nL2N1H411J] (Additional reporting by Henning Gloystein in Singapore; Editing by Keith Weir and Susan Thomas) ((sabina.zawadzki@thomsonreuters.com; +44 207 542 4051;)) Keywords: GLOBAL OIL/ (UPDATE 4)

Source: Libya Today March 28, 2017 11:15 UTC