Oil prices jump to highest in 10 months as Saudi Arabia, Russia extend supply cuts

Oil prices spiked more than 1% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.

Brent crude futures for November were up $1.21, or about 1.4%, to $90.21 a barrel, eclipsing the $90 level for the first time since last November.

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $1.59, or about 1.9%, to $87.14 a barrel.