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Oil jumps after Saudis, Russia say supply cut to be extended to March 2018

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices jumped on Monday after the energy ministers of top producers Saudi Arabia and Russia jointly said that an OPEC-led crude production cut would be extended from the middle of this year until March 2018.Brent crude was at $51.66 per barrel at 0410 GMT, up 82 cents, or 1.6 percent, from its last close.U.S. West Texas Intermediate (WTI) crude was at $48.67 per barrel, up 82 cents, or 1.7 percent.Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander said on Monday in Beijing that a joint deal to cut crude supplies to prop up ...

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First Published: Mon, May 15 2017. 11:05 IST