OPEC Allies Agree to Extend Supply Cuts in a Bid to Support Oil Prices

• OPEC reached a deal to extend production cuts until March 2020 on Monday.
• The energy alliance between OPEC and non-OPEC partners, sometimes referred to as OPEC+, has been reducing oil output since 2017.
• The policy is designed to prevent prices from sliding amid soaring production from the U.S. which has become the world’s top producer ahead of Russia and Saudi Arabia. 
• International benchmark Brent crude traded at $64.48 Tuesday afternoon, down around 0.8%, while U.S. West Texas Intermediate (WTI) stood at $58.55, almost 1% lower.

 (Source: CNBC News)