Oil prices up 1.5% as Saudi Arabia and Russia stick to supply cuts

Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.25, or 1.47 per cent, to $86.14 a barrel by 1145 GMT. US West Texas Intermediate crude was up $1.29, or 1.6 per cent, at $81.80.

Oil was rebounding after both benchmarks lost about 6 per cent in the week to November 3.

Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to keep output around 9 million bpd, a ministry of energy source said.

Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. The cuts could be extended into the first quarter of 2024 because of seasonally weaker oil demand at the start of every year and ongoing economic growth concerns.