International
Oil Prices Surge After Extended Production Cuts
INTERNATIONAL – Oil prices hit a new high for the year so far after Saudi Arabia and Russia said they would extend output cuts by at least another three months.
INTERNATIONAL – Oil prices hit a new high for the year so far after Saudi Arabia and Russia – the world’s biggest crude exporters said they would extend output cuts by at least another three months.
Brent crude, the global benchmark, gained 1.8% to trade above $90 a barrel, while West Texas Intermediate (WTI), the U.S. benchmark, rose by a similar margin to $87 a barrel.
The Saudi production cut which has been in place since July is the biggest in years and has depressed the kingdom’s output to nine million barrels per day.
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