Oil jumps as Saudis, Russia favour extending output deal to 2018

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Seoul - Oil jumped to its highest level in two weeks after the Saudi Arabian and Russian energy ministers said they are in favour of extending an output-cut deal for nine months.

Futures added as much as 1.8% in New York, on course for their highest close since May 1. While last year’s production cuts are working, global inventories aren’t yet at the level targeted by Opec and its allies, Saudi Energy Minister Khalid Al-Falih said in Beijing alongside his Russian counterpart, Alexander Novak.

The ministers agreed the deal should be extended through the first quarter of next year at the same volume of cuts, they said.

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USD/ZAR
14.06
+0.2%
GBP/ZAR
19.86
+0.1%
EUR/ZAR
17.08
+0.2%
AUD/ZAR
11.01
+0.1%
JPY/ZAR
0.13
+0.1%
Gold
1,836.34
+0.0%
Silver
27.38
+0.3%
Palladium
2,960.39
-0.1%
Platinum
1,248.00
-0.2%
Brent Crude
68.32
+0.1%
Top 40
62,389
0.0%
All Share
68,377
0.0%
Resource 10
72,112
0.0%
Industrial 25
85,665
0.0%
Financial 15
12,740
0.0%
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