Brent oil jumps over $2 as OPEC+ poised to extend supply cut reports NasrallaShadia
LONDON - Oil prices rose over $2 a barrel on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
U.S. crude futures for August climbed $1.57 to $60.04 a barrel, after earlier hitting their highest in over five weeks at $60.28. Russian President Vladimir Putin said on Sunday he had agreed with Saudi Arabia to extend existing output cuts of 1.2 million barrels per day by six to nine months. “OPEC as a whole is losing market share. But this burden is not evenly distributed as it is Venezuela and Iran who are taking almost all the pain.”
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