BEIJING: Oil prices edged up on Monday as 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 US sanctions on Iranian oil.
Brent crude futures rose 55 cents, or 0.65%, to $85.44 a barrel by 0700 GMT, while US West Texas Intermediate crude was at $81.14 a barrel, up 63 cents, or 0.78%.
Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December to keep output at around 9 million bpd, a source at the ministry of energy said in a statement. The Saudi decision was in line with analysts’ expectations.
