Oil prices steady as OPEC led cuts expected to extend beyond March, 2018

Oil prices were steady on Monday as international markets expect the reports regarding extension in oil cuts agreement due to expire in March next year gain momentum. The OPEC cartel, with Saudi Arabia as its de-facto leader, along with Russia has hinted at an extension beyond March, 2018. The two countries have come closer in their collaboration to reduce the oil glut in the international markets.

Brent crude oil futures, the international benchmark for oil prices, were at $60.63 per barrel at 0018 GMT, up 19 cents or 0.3 percent from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures were up by 16 cents, or 0.3 percent, at $54.06 a barrel.

OPEC plus non-member Russia along with 9 countries agreed to production cuts by 1.8 million barrels per day to curb the oil glut in the international markets, which has been weighing down on the international oil prices.

OPEC is expected to meet at its headquarters In Vienna, Austria on Nov 30. The cartel is expected to extend the agreement well beyond March, 2018.