The rally in oil prices led the strength in global stock markets. Energy prices were lifted by news that both Saudi Arabia and Russia agree that the output cut deal should extend until the ended of 1Q18, longer than the 6-month period specified in the initial agreement. The front-month WTI crude oil prices, extending the rally for a 4th consecutive day, rose to as high as 49.66 before settling at 48.85, up +2.1%.
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Oil Extends Rally as Saudi and Russia Signal to Extend Supply Cut buy 9 Months, More Countries might Join
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