[NEW YORK] Oil prices rose nearly 3 per cent on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June and as Wall Street rallied.
Saudi energy minister Khalid al-Falih told a conference in Russia that the Organization of the Petroleum Exporting Countries and its allies should extend oil production cuts.He said that while OPEC was close to agreement, more talks were needed with non-OPEC countries that were part of the deal to reduce output by 1.2 million barrels per day , which runs out at the end of this month.Supply has also been limited by US sanctions on oil exports from Venezuela and Iran.
"What we've seen is global central banks are ready to respond to a slowdown in the economy," said Phil Flynn, an analyst at Price Futures Group in Chicago."In the US, if that's the case, we're going to see more stimulus added to the market."
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