Oil Nearly Flat As Joint Committee Recommends 9-month Output-cut Extension

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices traded nearly flat Wednesday after a joint OPEC and non-OPEC committee recommended a nine-month extension to the production cut agreement that is set to expire in June. Analysts have seen that potential scenario outcome for the OPEC meeting Thursday as among the most likely. In a statement, the Organization of the Petroleum Exporting Countries and non-OPEC producers who have taken part in the agreement said the recommendation "reaffirms the commitment of OPEC and participating non-OPEC countries to continue to cooperate for the benefit of producers and consumers alike." July West Texas Intermediate crude rose 2 cents to trade at $51.49 a barrel on the New York Mercantile Exchange.

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