Oil extends gains after surprise Saudi output cut

Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed U.S. inventories fell last week.

Brent crude rose 85 cents, or 1.6%, to $54.45 a barrel at 1050 GMT, its highest level since Feb. 26, 2020, after jumping about 5% on Tuesday.