Oil prices extend gains

SINGAPORE: Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record U.S. stocks due to overproduction. Despite the rise, analysts said prices would remain low in 2016 and 2017 as global demand slows and inventories swell. US crude futures were trading at $32.46 per barrel at 0456 GMT on Thursday, up 18 cents from the previous session's close when they rallied 8 percent from below $30 per barrel. Brent crude was up 12 cents at $35.16 per barrel, according to a Reuters report. Analysts said prices had recovered on a sliding dollar and from ongoing, yet unconfirmed, talk of a potential meeting of oil producers to cut output in support of prices, which have fallen around 70 percent since mid-2014.-Asfar