You are here: Home » International » News » Markets
Business Standard

Oil rises to $52 as Saudi Arabia, Russia back longer supply cuts

Oil jumped more than 2% to its highest in more than three weeks on Monday

Alex Lawler  |  London 

Oil jumped more than 2% to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an Opec-led deal to support prices for longer than first agreed. Energy ministers from the world’s two top producers said that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Global benchmark Brent crude was up $1.41 at $52.25 a barrel by 11:28 Eastern (1528 GMT), having touched ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, May 15 2017. 23:50 IST
RECOMMENDED FOR YOU