Oil prices have continued to grow driven by the joint announcement made by Saudi Arabia and Russia to extend crude supply cuts until the end of March 2018.

Brent crude oil gained 30 cents to touch $52.12 a barrel, while the US light crude traded 25 cents higher at $49.10 against their last close, reported Reuters. 

The announcement was later supported by Kuwait's oil minister Essam al-Marzouq. 

Saudi Arabia and Russia agreed to extend the current 1.8 million barrels per day (bpd) crude supply cut for another nine months, which was scheduled to end next month. 

"Rising US production and record inventories have kept upside limited and a nine-month extension at this stage is unlikely to break that."

While Kuwait supported the announcement, other Organization of the Petroleum Exporting Countries (OPEC) members and key oil producers are set to meet on 25 May in Vienna to decide the future course.

Rivkin Securities investment analyst James Woods was quoted by the news agency as saying: “As we have seen over the past six months, rising US production and record inventories have kept upside limited and a nine-month extension at this stage is unlikely to break that.”

US oil output witnessed a steep growth in the last one year by nearly 10% since mid-last year and touched 9.3 million bpd production.