Oil prices jump as Russia and Saudi agree to extend oil output cuts until March 2018
|05/15/2017||Posted by BusinessMediaguide.Com under General World News||
Oil prices have surged on Monday after Saudi Arabia and Russia agreed to extend crude oil output cuts until March 2018. This is part their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday.
Crude oil rose by over 2.7% as of 11.35 a.m. BST (6.35 a.m. ET), with prices reaching $49.13 per barrel:
Brent oil also rose by 2.4% hitting the $52.15 per barrel mark:
The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid read more >>>