Oil Prices Rise On Prospect That Saudi Arabia Seeking Output Cut Extension

Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Brent crude futures, the international benchmark for oil, were at $56.40 per barrel at 0117 GMT, up 17 cents, or 0.3 percent, from their last close, their highest since early March.
If Wednesday’s price rises hold, they would mark the seventh straight daily increase. That would beat a six-day bull-run from August 2016, although the price jump then was 17.5 percent versus a 6 percent rise in the current rally of consecutive rises.
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