Oil prices were lower today after Saudi Arabia's energy minister Khalid al-Falih said that it is still too early to decide whether OPEC should extend its cut of crude production for the rest of the year, the Wall Street Journal reports. 

Last December, OPEC agreed to curb its output by about 1.2 million barrels per day from January 1 for six months. Non-OPEC producers agreed to cut half as much.

However, "it is premature to talk about extending the cut," al-Falih said. 

OPEC's 13 national ministers are scheduled to decide that question on May 25.

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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