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Crude prices continued to rise after a joint statement by top oil producers Saudi Arabia and Russia to follow through for an extension of production cuts until the end of March 2018 lifted market sentiment.
Brent crude futures were last trading up 26 cents or 0.5 percent from their last settlement at $52.08 per barrel. Meanwhile, U.S. WTI crude futures rose by 25 cents or 0.5 percent at $49.10 per barrel.
In a move to curb the oversupply in the market, Saudi Arabia and Russia said that they are in agreement that a 1.8 million bpd reduction in crude supply to be extended for nine months until March 2018.
Despite Saudi and Russia's pledge, the extension deal is not yet finalized as the other 12 remaining members of OPEC and other producers participating in the deal have to reach a consensus to prolong the deal during a meeting on May 25.
