Oil jumps over 2% as Saudi Arabia, Russia back supply cuts

Oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting in Vienna. Front-month Brent crude futures for September touched an intraday high of $66.44 a barrel and were up $1.57, or 2.4%, at $66.31 a barrel by 0436 GMT. U.S. crude futures for August rose $1.36, or 2.3%, to $59.83 a barrel after earlier hitting a peak of $60.10, the highest in over five weeks.