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Oil prices jump as Saudi Arabia, Russia extend supply cut to March 2018

Brent crude was at $51.66 per barrel at 0410 GMT, up 82 cents, or 1.6%, from its last close

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Last Updated : May 15 2017 | 11:07 AM IST

Oil prices jumped on Monday after the energy ministers of top producers Saudi Arabia and Russia jointly said that an OPEC-led crude production cut would be extended from the middle of this year until March 2018.

Brent crude was at $51.66 per barrel at 0410 GMT, up 82 cents, or 1.6 percent, from its last close.

US West Texas Intermediate (WTI) crude was at $48.67 per barrel, up 82 cents, or 1.7 per cent.

Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander said on Monday in Beijing that a joint deal to cut crude supplies to prop up prices would be

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