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Oil rises above $52 as Saudis and Russia back longer supply cut

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil hit 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 two countries said on Monday 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 $1.45 at $52.29 a barrel by 1405 GMT, having touched $52.63, the highest since April ...

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First Published: Mon, May 15 2017. 19:42 IST
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