Oil Hits 3 Week Highs As OPEC Deal Extension Seen Likely

Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait backed an extension of OPEC production cuts to reduce a global glut.

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

Brent crude oil settled up 54 cents, or about 1 percent, to $52.96 a barrel after hitting $53.10. U.S. crude settled up 84 cents, or 1.7 percent, higher at $50.35 a barrel, after touching $50.47.

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