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Oil jumps as Saudi, Russia take lead and extend supply cuts to March 2018

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices jumped 2 percent on Monday after the energy ministers of the world's two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018.Brent crude was at $51.88 per barrel at 0655 GMT, up $1.04, or 2.1 percent, from its last close at a level last seen in early May.U.S. West Texas Intermediate (WTI) crude was at $48.85 per barrel, up $1.01, or 2.1 percent.Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said on Monday in ...

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First Published: Mon, May 15 2017. 13:44 IST