Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023

Oil prices jumped about 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.

Brent crude futures for November were up $1.44, or about 1.6%, to $90.44 a barrel by 1334 GMT, eclipsing the $90 level for the first time since last November.

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $1.85, or about 2%, to $87.4.

Riyadh's decision to extend its 1 million bpd...