Brent Oil Nears $60 as Saudi Prince Backs Longer OPEC Cuts
- Market stabilizing measures need to continue: Prince Mohammed
- Comments follow Russia’s Putin signaling support for extension
This article is for subscribers only.
Oil closed at its highest in more than two years in London, nearing $60 a barrel, as Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC output cuts.
Brent, the global crude benchmark, rose 1.6 percent. Prince Mohammed said in an interview that "of course" he wanted to extend OPEC’s production cuts beyond March 2018. His comments follow President Vladimir Putin saying Russia is open to extending the deal to the end of next year.