Oil prices snapped a three-day losing streak to settle higher Thursday, amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers would extend production cut agreement.
Russian President Vladimir Putin said on Wednesday that a pledge by the OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018, according to media reports.
Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.
Saudi Arabian Minister of Energy and Industry Khalid Al-Falih also expressed optimism over the extension of output caps ahead of Saudi king's "landmark" visit to Russia on Thursday.
Analysts said that bullish comments from the Russian and Saudi energy ministers gave strong supports to oil prices.
The West Texas Intermediate for November delivery increased 0.81 U.S. dollar to settle at 50.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 1.20 dollars to close at 57.00 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem
Russian President Vladimir Putin said on Wednesday that a pledge by the OPEC and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018, according to media reports.
Russian Energy Minister Alexander Novak said on Thursday that Moscow would support new countries joining the agreement to restrict oil supply.
Saudi Arabian Minister of Energy and Industry Khalid Al-Falih also expressed optimism over the extension of output caps ahead of Saudi king's "landmark" visit to Russia on Thursday.
Analysts said that bullish comments from the Russian and Saudi energy ministers gave strong supports to oil prices.
The West Texas Intermediate for November delivery increased 0.81 U.S. dollar to settle at 50.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 1.20 dollars to close at 57.00 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem
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