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Oil prices held on to their gains, supported by hopes that major oil producers will extend production cuts until early next year in a bid to reduce global inventories.

Extending Production Cuts May Not Reduce Global Oil Stocks, Says IEA

OPEC and its oil-producing partners may have to do more than merely extend their petroleum-output cuts to achieve their goal of rebalancing global supply and demand, the International Energy Agency said.

Activist Investor Backs Off Call for BHP to Ditch Sydney Listing

Activist investor Elliott Management refined its attack on BHP Billiton, calling for an independent review of its petroleum business and deflecting earlier criticism by proposing the company retain a main stock listing in Australia.

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

Russia and Saudi Arabia's energy ministers said a production cut by the world's biggest oil producers should be extended by nine months to the end of March 2018.

The Real Winner From Oil Supply Cuts

The most surprising result of the anticipated deal among big oil producers to extend supply cuts might be that the U.S. re-emerges as the world's biggest oil producer.

Battle Heats Up for Control of Refiner Citgo

Dozens of companies are lining up with claims on the one big pot of money remaining if Venezuela defaults on its debts: the assets of state-owned oil refiner Citgo Holdings.

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.

Southern Reaches Short-Term Deal With Westinghouse on Nuclear Plant

The company said it has an agreement to take over management of the Vogtle nuclear-power project and continue construction work through June 3.

Cheniere Circles China After Trade Deal Portends Gas Export Boost

A new U.S.-China trade plan could be a boon for companies looking to export U.S. natural gas, and is already lifting Cheniere Energy Inc., the early mover in the nascent industry.

Occidental Shareholders Vote for Climate Proposal

In a first at a major U.S. oil-and-gas company, shareholders of Occidental Petroleum Corp., voted Friday to ask that the company assess the long-term impacts of climate change on its business.

(END) Dow Jones Newswires

May 16, 2017 11:15 ET (15:15 GMT)