Oil hits three-week highs as OPEC deal extension seen likely

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NEW YORK (March 30): Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.

Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension into the second half of the year of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit production, state news agency KUNA reported.