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Oil rises above $52 as Saudis, Russia back longer supply cut

May 15, 2017 By Alex Lawler LONDON (Reuters) – Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed. Energy ministers from the two countries said on Monday 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. Brent crude, the global benchmark, had risen…

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Oil jumps after Saudis, Russia say supply cut to be extended to March 2018

May 15, 2017 By Henning Gloystein SINGAPORE (Reuters) – 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. U.S. West Texas Intermediate (WTI) crude was at $48.67 per barrel, up 82 cents, or 1.7 percent. Saudi Energy Minister Khalid al-Falih and his Russian…

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