Oil nudges higher after Saudi Arabia, Russia stick to output cuts

Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.

Brent crude futures rose 41 cents, or 0.5%, to $85.30 a barrel by 0000 GMT while U.S. West Texas Intermediate crude was at $81.05 a barrel, up 54 cents, or 0.7%.