rude oil trading higher by 3% after Saudi Arabia and Russia support supply cut extension (9.95)
- Crude oil is trading higher by 3% this morning following reports that oil ministers from Saudi Arabia and Russia agree that the supply cuts put in place at the beginning of this year should remain in place until March 2018.
- This would extend the cuts beyond the original June 2017 expiration and goes beyond the possible 6-month extension originally contemplated.
- The next OPEC/non-OPEC meeting to discuss the extension of supply cuts is scheduled for May 25.
- Crude oil is currently +1.47 at 49.31 (+3.1%