The daily business briefing: May 25, 2017

OPEC members agree to extend oil output cuts, Fed minutes suggest a June rate hike is possible, and more

An oil pump in Saudi Arabia
(Image credit: Joe Raedle/Getty Images)

1. OPEC members back extension of output cuts

Members of the Organization of Petroleum Exporting Countries agreed Thursday to extend output cuts by nine months, continuing them to March 2018, according to an OPEC delegate. The original deal to reduce production by 1.8 million barrels a day has been credited with helping to bring oil prices back to around $50 a barrel, after months of falling prices due to oversupply. Major non-OPEC producers, including top oil producer Russia, are expected to agree to go along with the deal to extend the cuts when they meet with OPEC later in the day.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.