Oil prices stabilized on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports dragged on the market. Brent crude futures, the international benchmark for oil prices, were at $55.89 per barrel at 0259 GMT, up 9 cents, or 0.16 percent, from their previous close. Russian President Vladimir Putin said on Wednesday that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018. The statement came ahead of a visit by Saudi Arabia’s King Salman to Moscow.
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Written by Christopher Johnson at Reuters