OIL RISES ON EXPECTATIONS OF EXTENDED OUTPUT CUT

Singapore - Oil prices rose on Monday, bolstered by confidence that top exporters will this week agree to extend supply curbs, with suggestions that the cuts could even be deepened.

Brent crude was up 50 cents at $54.11 a barrel at 0836 GMT, with US light crude also up 50 cents at $50.83.

Both benchmarks have climbed more than 10% from lows hit earlier this month.

Prices have risen on expectations that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut supplies by 1.8 million barrels per day (bpd) will be extended by six to nine months, instead of covering only the first half of this year.

Source: Qatar News Agency