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

Mimi Sabreena 5:20:00 PM Informasi

LONDON (May 15): Oil rose more than 2% on Monday to US$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.

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