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Oil jumps after Saudis, Russia say supply cut to be extended to March 2018

Mimi Sabreena 11:30:00 AM Informasi

SINGAPORE (May 15): Oil prices jumped by over 1.5% on Monday after the Saudi Arabian and Russian energy ministers said in a joint statement that an OPEC-led crude production cut would be extended from the middle of this year until March 2018.

International Brent crude futures were at US$51.63 per barrel at 0255 GMT, up 79 US cents, or 1.6%, from their last close.

US West Texas Intermediate (WTI) crude futures were at US$48.61 per barrel, up 77 US cents, or 1.6%.

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