Tokyo
Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices.
Gains were also supported by a warning from Halliburton´s executive chairman that the growth in North America´s rig count was "showing signs of plateauing," a possible threat to U.S. shale oil production.
Global benchmark Brent crude for September delivery was up 22 cents, or 0,5 percent, at $48.82 a barrel by 0705 GMT after settling up 1.1 percent in the previous session.
U.S. West Texas Intermediate (WTI) futures were up 23 cents, or 0.5 percent, at $46.57 a barrel.
In a meeting in St. Petersburg on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers discussed extending their deal to cut output by 1.8 million barrels per day (bpd) beyond March 2018 if necessary.
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