Oil prices rose on Monday as Saudi Arabia’s energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of the year, or even into 2018, although another increase in U.S. drilling capped gains.
Brent crude futures LCOc1 were at $49.48 per barrel at 0652 GMT, up 38 cents, or 0.75 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.52 per barrel, up 30 cents, or 0.7 percent.
“Oil may have seen the worst of the selloff for now, as the market turns its attention to the OPEC meeting at the end of the month,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.
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