Oil jumps after Saudis, Russia say supply cut to be extended to March 2018
Oil prices jumped by over 1.5 percent 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 $51.63 per barrel at 0255 GMT, up 79 cents, or 1.6 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $48.61 per barrel, up 77 cents, or 1.6 percent.
