Oil jumped after Saudi Arabia and Russia said they backed extending an Opec-led agreement to cut output until March 2018, intensifying their push to shrink excess inventories that have kept a ceiling on prices.
Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak pledged yesterday to do “whatever it takes” to reduce global oil stockpiles and balance the market.
Output from the US and other countries outside the cartel has surpassed Opec’s expectations and offset drastic supply curbs from some of the world’s biggest producers aimed at ending the worst oil crash in a generation.
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