Brent, WTI Prices Surge as OPEC Extends Cuts

The letter of association drawn up to clarify the terms of cooperation between OPEC and non-OPEC members is not binding and will not impact the half-a-century old organization.
Oil Minister Bijan Namdar Zanganeh made the statement to CNN on the sidelines of the 176th OPEC meeting held in Vienna, Austria, on Monday, Shana, the Oil Ministry's news portal, reported.
Oil gained on Tuesday as OPEC agreed to extend supply cuts until next March, although prices were pressured by worries demand could ease amid hints of a slowdown in the global economy.