Saudi Arabia, Russia plan to extend 1.3 million barrel a day oil cut through the end of the year

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since November.

The countries’ moves likely will increase the cost for motorists at gasoline pumps and put new pressure on Saudi Arabia’s relationship with…