Saudi Arabia wants production cuts extended

[dan_s]

Overnight, crude settled higher on Tuesday, after reports surfaced that Saudi Arabia supported the idea of extending OPEC-led cuts by an additional six months to the end of the year. Saudi Arabia informed OPEC officials it favored an extension of the six-month OPEC-led deal to cut supply, which began in January this year, for an additional six months, when the group meets in May, according to the Wall Street Journal.