Oil prices jump after Saudi-Russian deal extends production cut

Oil prices jumped to three-week high above $52 a barrel Monday after Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said they had agreed to prolong an existing deal for output cuts by another nine months until March 2018. The timing of the announcement ahead of OPEC's next official meeting on May 25 surprised markets, sending crude prices up more than 1.5 percent in Asian trading early Monday. Saudi, the leader of OPEC, and Russia, the world's biggest producer, together control a fifth of global supplies..

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