16th May 2017
Oil Tuesday held onto overnight gains posted on Saudi and Russian backing for an extension of an output cut deal.
U.S. crude was up 31 cents, or 0.63%, at $49.16 at 08:00 ET. Brent crude added 33 cents, or 0.64%, to $52.15.
The Saudi and Russian energy ministers Monday lent support for a nine-month extension of the output deal to the end of March.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.
A decision on the possible extension of the deal is expected at a meeting on May 25.
The market remains awash in inventories despite the cuts as the U.S. and other producers increase their output.
American Petroleum Institute stockpile data are due out later in the session.
These will be followed Wednesday by the Energy Information Administration inventories report.
The forecast is for a draw of 2.283 million barrels in U.S. crude stocks in the latest week.
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