New York — Oil jumped more than 2% to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step towards extending an Organization of the Petroleum Exporting Countries (Opec)-led deal to support prices for longer than first agreed. Energy ministers from the world’s two top producers said that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal. Global benchmark Brent crude was up $1.41 at $52.25 a barrel by 3.28pm GMT, having touched $52.63, the highest since April 21. US crude rose by $1.43 to $49.26. Oil traders were surprised by the strong wording of the announcement, though it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance. Some analysts said that US production could still threaten to disrupt the market balance unless the cuts were deepe...
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