economy Since 2017-05-15 at 11:00 (Baghdad time)
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Oil prices jumped 2 percent on Monday after energy ministers in Saudi Arabia and Russia, the world's top two oil producers, said production cuts were to be extended beyond the first half of this year until March 2018.
Global Brent crude <LCOc1> was up 51.88 dollars a barrel at 0655 GMT, up $ 1.04, or 2.1 percent, from the previous close.
The price of West Texas Intermediate crude futures was $ 48.85 a barrel, up $ 1.01 or 2.1 percent from the closing price.
Saudi Energy Minister Khalid al-Faleh and his Russian counterpart Alexander Novak said on Monday in Beijing that they had agreed to extend the production cut-off agreement for another nine months until March 2018.