Kuwait oil minister: We support extending OPEC cuts in second half

According to Reuters, Kuwait's oil minister Khaled al-Fadhel told state-run Kuwaiti News Agency KUNA that they will support extending OPEC oil cuts in the second half of the year.

Similarly, Iraqi oil minister earlier in the day stated that they were working towards a rollover of the OPEC oil output cut pact. 

The barrel of West Texas Intermediate, which jumped to its highest level since late May near $60 on Wednesday, was last seen trading at $58.75, erasing 0.7% on a daily basis.