Oil prices rise in anticipation of extended Opec-led cut

SINGAPORE: Oil prices rose ahead of an Opec meeting on Thursday that is expected to extend a production cut aimed at tightening the market well into 2018, adding at least nine months to an initial six-month cut in the first half of this year.
Brent crude futures were trading at $54.40 per barrel at 0118 GMT, up 44 cents, or 0.82 per cent from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.76, up 40 cents, or 0.78 per cent.
Both benchmarks have risen more than 16 per cent from their May lows.
Prices have risen on a consensus that a pledge by the Organization of the Petroleum Exporting Countries (Opec) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) would be extended into 2018, instead of just covering the first half of this year.
The production cut, introduced in January, was initially only to cover the first half of 2017, but an ongoing glut has meant that Opec and its allies who are meeting in Vienna on Thursday are expected to extend the cut by nine or potentially even 12 months.