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Oil hit a three-week high after top exporters Saudi Arabia and Russian Federation said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally agreed.
Khalid al-Falih, Saudi Arabia's energy minister, said in an interview in Beijing: "We have come to the conclusion the agreement needs to be extended".
Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russian Federation said supply cuts needed to continue into 2018.
West Texas Intermediate climbed as much as 3.4 percent to $49.45 a barrel on the New York Mercantile Exchange, while global benchmark Brent increased as much as 3.3 percent to $52.52 on ICE Futures Europe. WTI Crude Oil took another leg up in the wake of the new week, reaching $48.67, the highest in two weeks.
"Each side is now adhering to the agreement, and I think that unless the goals are reached there is a big sense to continue this collaboration".
The increase, OPEC said, represents the biggest increase among countries within the oil producers' group.
The extension of the cut into the first quarter of 2018 will initially be on the same volume terms as before, although the ministers said they hoped other producers would join the efforts.
Economy Watch: Retail Sales Up in April
Shares in JC Penney sank 10% after it became the latest department store chain to report disappointing results. Sales at merchants of electronics and appliances rose 1.3 per cent in April after a 2.2 per cent jump.
OSU Sports Score High With APR
Idaho was given a bowl ban for the 2014 season, but it was lifted in March 2015 because the team had shown academic progress. Of 351 Division 1 basketball programs , Michigan State is one of only 20 to earn a flawless multi-year April score of 1000.
OPEC began production cuts on January 1 in a bid to reduce swollen global inventories and bolster the price of oil, which is still stuck at half its 2014 level.
Opec members agreed in November to cut 1.2 million barrels per day (bpd) of oil production.
Production cuts agreed by OPEC and other major producers are set to expire at the end of June.
OPEC's reportpublished Friday blames the US fracking, in particular for its losses.
"That said, we are skeptical about Russia's willingness to actively participate in any extended cuts".
A jump in USA exports to Asia, the world's biggest and fastest growing market and the last region in which OPEC supplies dominate, is a particular worry for the producer club.
But there's one thing standing in the way of higher prices: USA oil production. Waymo, the Alphabet driverless auto arm and Lyft the ride-hailing startup announced on Sunday the two would work together in developing technology for autonomous vehicles. OPEC ministers plan to meet on May 25 to decide whether to extend cuts in their production beyond June. At that rate, according to a report at Bloomberg, by the end of this year, lower crude production will remove about 120 million barrels from global stockpiles.
She was trying to back out of a diagonal parking space in her 2005 Toyota Corolla when she struck the pair, police said. Aluska died at a West Islip hospital, while Jenna and Riolo were treated for minor injuries, police said.
Twitter user @MarkFerris199O tweeted of the news, while @Steeeeviee wrote, "THIS SHOW WAS ICONIC IM SO UPSET #ScreamQueens". However, keen to give the Chanels another coat of nail polish, we only got a soft reboot from Murphy ahead of Season 2.
To know the score open the official website of the board and click on the relevant link where details about result will be asked. The MP Board Result is now available to the students online on mpresults .nic.in and mp10.jagranjosh.com / mp12.jagranjosh.com.
Asked whether Chelsea had any injury issue to contend with, the Italian responded: "All my players are available for the game". In this part of the season, we always said it's right to look at ourselves and not wait for the result of the other teams.
The long-running USA health care debate now moves to the Senate, where the fate of the repeal effort is uncertain. That might seem self-evident, as it's exactly what Republicans have been saying the past six years.
Callista Gingrich is a member of the choir at the Basilica of the National Shrine of the Immaculate Conception in Washington, D.C. The choir visited Rome in 2005 to honor John Paul II and sang for Pope Benedict XVI during his official visit to the U.S.in 2008.
Hanley Ramirez made his first start of the season at first base today, but he lasted there for only three innings. He'll make his first rehab start on Sunday at Triple-A, per Peter Abraham of the Boston Globe ( Twitter links ).
The news of the show's renewal follows a period of uncertainty for New Girl after Season 6 was rumored to be its last. I have no idea if NG is coming back". "The truth is we really, really don't know what the answer is", he said.
The film, put on the internet, showed police chasing and trying to grab attacking Palestinian women inside the Muslim holy place. Two people coming from the direction of the Western Wall tried to help the policeman repel the stabber.
Regarding this, Jio tweeted the latest details from its official customer support handle JioCare, in response to a query. In October 2016, Reliance Jio came in existence and since then it has catered the huge market of Telecom sector.
Monaco coach Jardim staying cautious amid title euphoria
Normally such a reserved character, Jardim jumped off the bench and pumped his fist vigorously as he shuffled along the touchline. A point on Wednesday at home against Saint-Etienne, however, would guarantee the title and should have Jardim smiling at last.
Palestine West Bank holds elections as Gaza Strip left behind
The failure of Hamas and Fatah to reconcile is seen as a major obstacle to any settlement of the Israeli-Palestinian conflict. In just two cities, Jenin and Jericho, did Fatah win an outright victory without support from other participating factions.
Harry Styles sounds lonely on his debut album
Styles, though, seems to have been prepared enough by the One Direction press gauntlet that he knows better than to take the bait. Donning a sheer white blouse with a red tartan suit, Harry didn't have to try very hard to make a statement in this outfit.
HC judge Karnan gives cops the slip
CJI Khehar asked Nedumpara where is Justice Karnan, to which the bench was informed that he was "very much in Chennai ". Karnan, to ratchet up the fight, passed an order directing the examinations of all these seven judges instead.
A price cap won't improve the energy market
The Liberal Democrats' Ed Davey said: "It is never a good idea to copy the economic strategy of Ed Miliband". With the Conservatives nearly certain to win a majority, it's highly likely the pledge will be carried out.
Obama warned Trump about Flynn, former officials say
Mr Flynn was dismissed as defence intelligence chief by the Obama administration before he became became a Trump supporter. Flynn, a retired Army lieutenant general, was Obama's Defense Intelligence Agency director until he was sacked in 2014.