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Oil prices extend gains on expected OPEC-led production cuts

Updated : December 04, 2018 08:17 AM IST

US West Texas Intermediate (WTI) crude futures were at $53.20 per barrel at 0006 GMT, up 25 cents, or 0.5 percent, from their last close.
Both crude benchmarks climbed by around 4 percent the previous session after Washington and Beijing agreed a truce in their trade disputes and said they would negotiate for 90 days before taking any further action.
OPEC’s biggest problem is surging production in the United States, where output has grown by around 2 million bpd in a year to more than 11.5 million bpd.
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