Crude prices rebound in March as Opec hints at longer oil output cuts

Iraqi minister says group mulls extension up to mid-2019

Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound.

Futures in New York posted a 5.4 percent increase in March, erasing February losses fueled by mounting American stockpiles. Some OPEC producers and allies are considering prolonging efforts to drain a global supply glut up to the middle of next year, Iraqi Oil Minister Jabbar al-Luaibi said at a conference in Baghdad.

“The potential for OPEC to extend their agreement instead of starting to cut it off at the end of the year is a positive development,” said Park