Oil price rises as Saudi Arabia calls for extended production cuts
Oil futures have been pinned in a range, supported by production cuts from Opec and other states but capped by rising US shale oil production.
The market turned positive after reports that Saudi Arabia told Opec officials it wants to extend production cuts enacted in January for another six months when the group meets in May. Opec members have previously said they lean toward oil cut extensions, so long as non-members are also involved.
