Oil prices firm as Saudi Arabia says OPEC may extend supply cuts

Statements by Saudi energy minister came despite pressure by US President Trump

Source: gulfnews.com

Oil prices moved higher on Tuesday after Saudi Arabia announced it would not rush to increase oil supply to compensate for a shortfall expected from tightening US sanctions against Iran. Saudi Energy Minister Khalid al-Falih stated that the country would stick to a deal to withhold output, which could be extended beyond June to the end of 2019.