Asian energy firms boost markets on oil output cut hopes

Hong Kong

Energy shares led a broad rally across Asian markets on Monday as oil prices were boosted by growing hopes that an OPEC-led output cut will be extended by another nine months.
With the deal agreed between the crude cartel and key producer Russia set to finish at the end of June, there had been worries that a global glut would resume once again, and send prices plunging.
But on Sunday Saudi Arabia’s energy minister Khalid al-Falih expressed confidence an extension to the agreement could be made, with eyes on a meeting Thursday between OPEC and Russia.—AFP

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