You are here: Home » Reuters » News
Business Standard

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

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending an OPEC-led deal to support prices for longer than originally 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.Brent crude, the global benchmark, had risen $1.50 to $52.34 a barrel by 1152 GMT and traded intraday at $52.52, the highest ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, May 15 2017. 17:39 IST
RECOMMENDED FOR YOU