OPEC on Monday approved a nine-month extension of its production cut agreement after a seven-hour meeting, renewing its commitment to shoring up oil prices at the expense of its market share. OPEC is now committed to supply restraint through the first quarter of 2020, a longer duration than the six-month continuation members had previously signaled. The deal goes to Russia and nine other non-OPEC producers, who will meet with OPEC on Tuesday to ratify the agreement. OPEC also signed off on a long-proposed charter that will formalize its alliance with its non-OPEC partners. Oil prices initially popped early Monday, with front-month Brent futures hitting an intraday high of $66.75/b, up 3.1% from Friday’s close, but later […]