Oil jumps on Saudi, Russia support for supply cuts

By Trend

Oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting this week, Trend reports citing Reuters.

Front-month Brent crude futures for September touched an intraday high of $66.14 a barrel and were up $1.12, or 1.7%, at $65.86 a barrel by 1252 GMT.

U.S. crude futures for August rose $1.10, or 1.9%, to $59.57 a barrel after earlier hitting a peak of $60.10, the highest in over five weeks.