Crude Rebounds as OPEC Hints at Longer Oil Output Cuts
- Iraqi minister says group mulls extension up to mid-2019
- Prices rise 5.4 percent in March, erasing February loss
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Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound.
Futures in New York posted a 5.4 percent increase in March, erasing February losses fueled by mounting American stockpiles. Some OPEC producers and allies are considering prolonging efforts to drain a global supply glut up to the middle of next year, Iraqi Oil Minister Jabbar al-Luaibi said at a conference in Baghdad.