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Oil jumps on Saudi, Russia support for supply cuts

Oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an Opec meeting this week.

Front-month Brent crude futures for September touched an intraday high of $66.14 a barrel and were up $1.12, or 1.7 per cent, at $65.86 a barrel by 1252 GMT.

US crude futures for August rose $1.10, or 1.9 per cent, to $59.57 a barrel after earlier hitting a peak of $60.10, the highest in over five ..

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