Oil steadies on OPEC cuts, but oversupply fears persist

By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices pared gains on Monday after worries about oversupply persisted, pulling back from an early rally as OPEC extended supply cuts until March 2020 during a meeting in Vienna. The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.

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