Logical to extend oil cuts – UAE’s Oil Minister

Mohamed Faraj Al Mazrouei, Oil Minister of the UAE, said on Tuesday that it would be logical to extend the current oil cut deal beyond June.

In addition, Al Mazrouei suggested that oil markets should rebalance in the second half of the year.

Crude oil prices continue to extend the rebound from recent lows, with the barrel of West Texas Intermediate advancing through the $49.00 mark and the Brent crude regaining the $52.00 handle and beyond per barrel.