Support extension of OPEC oil output cut deal - Kuwait oil minister

According to the state Kuwait News Agency, KUNA, Kuwaiti oil minister Essam al-Marzouq was noted saying that data so far was "very positive" on oil cut compliance and that they support extension of global oil supply cut after June because it will "speed up rebalancing" of market.

According to preliminary data, the overall OPEC output cut compliance rose from 91% to 95% in February.

Meanwhile, WTI crude oil extended recovery move from sub-$48.00/barrel mark, three-month lows, and reversed all of its daily gains to currently trade around mid-$48.00s.