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Oil Jumps After Saudi Arabia and Russia Agree to Extend Pact

China's XinJiang Beiken Energy Engineering Stock Co. Ltd. Drills For Ukraine Gas
Photographer: Vincent Mundy/Bloomberg

Oil jumped in New York and London after Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.