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

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil rose more than 2 percent on Monday to $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards keeping an OPEC-led deal to support prices in place longer than originally agreed.Energy ministers from the two countries said on Monday that supply cuts should be extended 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 $1.20 to $52.04 a barrel by 0847 GMT and traded intraday at $52.26, the highest ...

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First Published: Mon, May 15 2017. 17:37 IST