Oil Prices Rise on Likely OPEC Output Cut Extension

Singapore, March 29 (QNA) – Oil prices rose on Wednesday, lifted by expectations that an OPEC-led output reduction will be extended into the second half of the year.

Brent crude futures, the international benchmark for oil, rose 29 cents, or 0.65, to $51.62 per barrel.

West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.7%, at $48.71 a barrel.

The gains added to a rise of more than 1% for both crude benchmarks the previous day.

The Organization of the Petroleum Exporting Countries (OPEC), along with some other producers including Russia, have agreed to cut production by almost 1.8 million bpd during the first half of the year in order to rein in a global fuel supply overhang and prop up prices. (QNA)

Source: Qatar News Agency