Oil Prices Rise As Market Expects Extended Production Cut

Oil prices rose on Wednesday, supported by increasing confidence that an OPEC-led production cut aimed at tightening the market would be extended through the rest of 2017 and the first quarter of next year.
Brent crude futures at 0147 GMT were up 13 cents from their last close at $54.28 per barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $51.58, up 11 cents.
Both benchmarks have risen more than 12 percent from their May lows.
Prices have rebounded on a growing 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 to March 2018, instead of just covering the first half of this year.
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