Members of the Organization of the Petroleum Exporting Countries and other major oil producers agreed in principle to keep their production-cut agreement in place through the end of 2018, The Wall Street Journal reported, citing people familiar with the matter. OPEC, however, had yet to hash out a final agreement with non-OPEC Russia, the report said. January West Texas Intermediate crude was down 3 cents at $57.27 a barrel on the New York Mercantile Exchange, after trading closer to $58 at its session high. January Brent crude [:s uk:lcof8] rose 49 cents, or 0.8%, to $63.60 a barrel on ICE Futures Europe. “The apparent agreement of [a] nine-month extension, with quarterly reviews, is broadly positive with the only better outcome being no reviews, which would make no sense,” said Brian Youngberg, senior energy analyst at Edward Jones.
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