Oil prices extend gains as OPEC cuts output forecast

Tuesday, 10 February 2015 - 8:37

Oil prices advanced further as OPEC forecast a reduction in US output amid a dip in North American crude production.

US benchmark West Texas Intermediate for delivery in March jumped 1.17 dollars to 52.86 dollars a barrel compared with Friday's close.

Oil prices gained fresh support "after OPEC lifted its non-OPEC supply forecast for 2015.