Oil prices extend gains

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    SINGAPORE- Oil prices extended gains on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy, and as crude stockpiles in the United States fell to their lowest levels since March last year.

    Brent crude futures gained 47 cents, or 0.8 percent, to $58.93 a barrel, having earlier hit their highest since Feb. 21, 2020 in the wake of the OPEC+ decision.

    US West Texas Intermediate (WTI) crude CLc1 futures climbed 49 cents, or 0.9 percent, to $56.18 a barrel after reaching its highest settlement level in a year on Wednesday.

    “Crude prices have been rising higher now that OPEC+ has convinced the energy market that they are determined in accelerating market re-balancing without delay,” said Edward Moya, senior market analyst at OANDA.