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Oil Jumps as Saudi Arabia Extends Supply Cuts by Three Months


These translations are done via Google Translate

(Reuters) – Oil prices jumped on Tuesday as Saudi Arabia announced a fresh extension to its voluntary supply cuts, stretching its one million barrel per day reduction for another three months through December.

By 1309 GMT Brent crude futures for November were up $1.05 to $90.05 a barrel, while U.S. West Texas Intermediate crude (WTI) October futures rose $1.47 to $87.02 a barrel.

The decision will be reviewed monthly to consider deepening the cut or increasing production, state news agency SPA said on Tuesday.

GLJ
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Saudi Arabia was widely expected to extend its voluntary oil cuts into October.

Reporting by Natalie Grover in London, Katya Golubkova in Tokyo and Andrew Hayley in Beijing; editing by Sharon Singleton, Jason Neely and Jan Harvey



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