Oil Prices Jump on Extension of Production Cuts by Saudi Arabia and Russia

Saudi Arabia and Russia, in coordinated statements, said on Tuesday that they would extend their cuts in oil supplies through the rest of 2023.

The moves helped push up oil prices, which have been on the rise in recent weeks. Futures for Brent crude, the international benchmark, breached $90 a barrel for the first time this year. West Texas Intermediate crude, the U.S. benchmark, reached $87.75.

The cuts — one million barrels a day of output by Saudi Arabia and 300,000 barrels a day of exports by Russia — are intended to support oil prices. The Saudis first announced voluntary cuts…