Oil Rebounds Further Following Output-Cap Extension

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.

--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)