Oil stable

Singapore

Oil prices were stable on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year.

Brent crude futures rose to $54.18 per barrel at 0450 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.49, up 2 cents.

Both benchmarks have gained more than 10 percent from their May lows below $50 a barrel, rebounding on a consensus that the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, would extend their pledge to cut supplies by 1.8 million barrels per day (bpd) to March 2018, instead of just covering the first half of 2017."OPEC is meeting on 25 May with an extension of supply cuts at the top of its agenda.”