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Oil futures rose sharply in Asian trading after energy ministers from Russia and Saudi Arabia said they would back a nine-month extension to a regime of global production cuts.

Saudi Arabia, Russia Want Nine-Month Extension to Deal on Oil Output Cuts

The energy ministers of Russia and Saudi Arabia said a production cut by the world's top crude-oil producers should be extended by nine months to the end of March 2018 to stabilize the market for crude and bring global oil inventories down to their five-year average.

Citgo's Worth May Be Running Dry

Creditors and companies around the world are mounting competing claims for Citgo's assets in the increasingly likely event of a Venezuelan default. But it isn't clear how much value remains.

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Energy Future Backs NextEra in Bid to Save Oncor Deal

Energy Future Holdings Corp., under pressure to find a way to end a long and expensive stay in bankruptcy, is throwing its weight behind NextEra Energy Inc.'s bid to salvage its deal for the company's transmissions business, Oncor.

Oil Breaks Three-Week Losing Streak

Oil prices closed nearly unchanged, after fluctuating between gains and losses throughout the day as traders weighed inventory data and look to the global oil cartel to extend a production-cut deal later this month.

Some OPEC Members Seek to Broaden Efforts to Cut Oil Output

Six months after restricting their oil output in an effort to raise global crude prices, some members of OPEC are pushing to a broader effort to reduce petroleum production, say people familiar with the matter.

China Trade Plan Is Big Deal for Natural Gas

Trump's 10-point China trade plan contains a plug for U.S. natural gas exports. Such an alignment of interests could have collateral impacts on other gas producers especially Australia and Russia.

U.S.-China Trade Plan Hinges on Beijing's Compliance

The U.S.-China pact on greater access to the Asian giant's economy relies in part on Beijing's pledge to open markets in two areas-beef and electronic payments-that it has repeatedly promised to open before, only to continue blocking American firms.

The U.S.-China Trade Deal, Annotated

The Trump administration announced Thursday 10 measures the two governments have reached to further open markets in both countries.

U.S. Oil-Rig Count Rose by Nine in Latest Week

The number of rigs drilling for oil in the U.S. rose by nine to 712 in the past week, according to oil-field services company Baker Hughes.

Canada Moves to Impose Oil-Tanker Ban off Pacific Coast

Canada introduced legislation that would ban oil-tanker traffic off the northern Pacific Coast, formally implementing a policy pledged last fall when the Liberal government issued decisions on two contentious pipeline projects.

(END) Dow Jones Newswires

May 15, 2017 04:15 ET (08:15 GMT)