Oil prices jump by 2pc

2 July, 2019 12:00 AM printer

Abu Dhabi: Oil prices jumped on Monday as Opec and its allies are set to announce the extension of the six month old production cut agreement to the rest of the year to balance oil markets and shore up prices.

Brent was up by 2.78 per cent at $66.54 (Dh224) per barrel at 11.20am UAE time with West Texas Intermediate at $60.06 per barrel, up by 2.72 per cent, report agencies.

Saudi Arabia’s energy minister Khalid Al Falih as well as Russian president Vladimir Putin confirmed the deal would be extended in its current form and with the same volumes.