Oil prices up 1.5% as Saudi Arabia and Russia stick to supply cuts

Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.25, or 1.47 per cent, to $86.14 a barrel by 1145 GMT. US West Texas Intermediate crude was up $1.29, or 1.6 per cent, at $81.80.

Oil was rebounding after both benchmarks lost about 6 per cent in the week to November 3.

Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to keep output around 9 million bpd, a ministry of energy source said.