Oil prices extended gains on Tuesday after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents at $46.44. OPEC member Nigeria had been exempt from the cartel’s deal with non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 to March 2018.
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Written by Ahmad Ghaddar @ Reuters