Tuesday , September 26 2023

Oil jumps as Saudi Arabia, Russia extend supply cuts to end-2023

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing Rights

LONDON, Sept 5 (Reuters) – Oil prices jumped roughly 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.

By 1323 GMT Brent crude futures for November were up $1.62, or about 1.8%, to $90.62 a barrel, while U.S. West Texas Intermediate crude (WTI) October futures…

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