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Oil extends gains as Saudis see global supply drop accelerating

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Hong Kong - Oil extended gains as Saudi Arabia and Russia sought to reassure investors that coordinated production cuts by the Organisation of Petroleum Exporting Countries (Opec) and its partners are draining a global glut.

Futures rose as much as 0.7% in New York after climbing 0.4% on Friday. Inventories are declining and reductions will accelerate in the next three to four months, Saudi Arabia’s Energy Minister Khalid Al-Falih said at a briefing in Kazakhstan with his Russian counterpart, Alexander Novak.

Russia is committed to doing everything it can to balance the market, Novak said. Oil is trading below $50 a barrel amid speculation increased US supplies will counter production curbs by Opec and its allies, including non-member Russia.

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