Saudi Crown Prince backs extending OPEC output cuts into 2018

Bloomberg reports comments from Mohammad bin Salman, the Crown Prince of Saudi Arabia, advocating the case for OPEC oil output cut deal extension.

His comments make it more certain that the cartel and its allies are set to extend the curbs when they meet next month.

Key Points:

Oil market is absorbing excess shale oil, we are regaining things again

Backs extending OPEC output cuts into 2018