Oil Rises to One-Month High as Saudis See Output Curbs Into 2018
- All producers in deal agree on prolonging curbs: Saudi Arabia
- Iraq, Oman and Mexico confirm support for nine-month extension
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Oil rose to a one-month high as Saudi Arabia said all countries taking part in output cuts agree on extending the deal through the first quarter of 2018.
Futures climbed 0.8 percent in New York after advancing 5.2 percent last week. Prolonging the cuts will help producers reach their goal of trimming stockpiles in developed economies to the five-year average, Saudi Arabia’s Energy Minister Khalid Al-Falih said Sunday. Iraq backed the nine-month extension, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna on May 25.