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NEWS

Brent and WTI have gained well over a third from 2017 lows, drawing support from a cut in production by the Organization of the Petroleum Exporting Countries and a group of non-OPEC producers, including Russia, which has been in place since the start of the year.

During the weekend, Kuwait’s oil minister suggested that an exit from the supply-cut agreement would be studied before June.

The United Arab Emirates’ energy minister said on Monday that OPEC plans to announce in June an exit strategy from the cuts, though he added it did not mean the pact would end by then.

Gains from the cuts could also be undermined by rising output from the United States, which is not participating in the deal to withhold production.

The number of rigs drilling for new oil output in the United States rose by two in the week to Dec. 8, to 751, the highest since September, energy services company Baker Hughes said on Friday.