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Oil Extends Gains as OPEC Prolongs Production Curbs

The nine-month extension was strengthened by the addition of Libya and Nigeria.

By Rakteem Katakey and Ben Sharples, Bloomberg | Updated on December 01, 2017

Oil extended gains following a third monthly advance after OPEC and Russia agreed to prolong production cuts through to the end of 2018 in their fight against a global supply glut.

Futures added 0.8% in New York after rising 0.2% Thursday. The nine-month extension was strengthened with the inclusion of Nigeria and Libya, two OPEC members originally exempted from the curbs. Oil stockpiles in developed countries are still 150 million barrels above a five-year average, leaving OPEC and its allies with more work to do, Saudi Arabia’s Energy Minister Khalid Al-Falih said Thursday.

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