Oil hits three-week highs as OPEC deal extension seen likely | Reuters

Oil hits three-week highs as OPEC deal extension seen likely | Reuters:

"Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.

Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension into the second half of the year of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit production, state news agency KUNA reported.

OPEC agreed to reduce its oil production by 1.2 million barrels per day during the first six months and so far, output has fallen for a third straight month and members have now complied with 95 percent of their commitments."



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