Oil prices extend gains

New York, Aug 16 (IANS) Oil prices rose for a third straight day on Monday, as speculation intensified over potential producer action to support prices amid a global supply glut.

The West Texas Intermediate for September delivery added $1.25 to settle at $45.74 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained $1.38 to close at $48.35 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.