Oil rises to $52 as Saudi Arabia, Russia back longer supply cuts

Oil jumped more than 2% to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an Opec-led deal to support prices for longer than first agreed.

Energy ministers from the world’s two top producers said that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal.

Global benchmark Brent crude was up $1.41 at $52.25 a barrel by 11:28 Eastern (1528 GMT), having touched $52.63,