Shares of oil and gas companies rose after more signs that the Organization of the Petroleum Exporting Countries extend a production-cap deal. Oil prices wavered after Saudi Arabia's Energy Minister Khalid Al-Falih said he was confident production cuts will be extended into the second half of the year or even longer, suggesting that the oil kingdom now saw a glut as an intractable problem. "Their talk of a longer extension is instilling fears in the market that the oversupply situation is worse than what we had thought," said Andy Lipow, president of Lipow Oil Associates in Houston.
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(END) Dow Jones Newswires
May 08, 2017 16:27 ET (20:27 GMT)