Oil prices rise on possible output cuts extension

NEW YORK-- Oil prices settled higher on Tuesday after Saudi Arabia expressed willingness to extend an output cut deal.

Media reports said Tuesday that Saudi Arabia has told official of the Organization of the Petroleum Exporting Countries (OPEC) that it wants to continue an OPEC output cut deal for an additional six months.

The deal is set to expire by the end of June. OPEC members previously said they will look into the possibility of an extension. Some have also supported the extension.

The West Texas Intermediate for May Delivery added 0.32 dollars to settle at 53.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 0.25 dollars to close at 56.23 dollars a barrel on the London ICE Futures Exchange.

Source: Philippines News Agency

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