Oil Rebounds Further Following Output-Cap Extension

By Biman Mukherji Features Dow Jones Newswires

Oil futures rose modestly in Asian trading Friday, building on overnight gains after major oil producers agreed, as expected, to extend ongoing production curbs through 2018.

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--January light, sweet crude on the New York Mercantile Exchange was recently up 0.4% at $57.61 a barrel in the Globex trading session. February Brent rose 0.5% to $62.91.

--"In agreeing to extend current production quotas, OPEC and non-OPEC nations are managing a fine balance which is likely to maintain prices at current levels in the near-term," said Chris Midgley, head of analytics at S&P Global Platts. But fresh pressure looms in the first half of 2018, he added, from weak seasonal demand and resultant stockpile increases.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

December 01, 2017 01:14 ET (06:14 GMT)