euronews Business's video: Oil prices jump as biggest producers plan to extend output cuts - economy

Oil prices jumped over three percent on Monday after Saudi Arabia and Russia agreed to extend output cuts. The world's two largest producers said they will continue to pump less through until March next year - an additional nine months on their original deal. Since the start of the year there has been an agreement in place by 24 members of OPEC and non-OPEC countries to reduce output until June. That is designed to address the glut in supplies that has been pulling down prices. Saudi energy … READ MORE : http://www.euronews.com/2017/05/15/oil-prices-jump-as-biggest-producers-plan-to-extend-output-cuts euronews business brings you latest updates from the world of finance and economy, in-depth analysis, interviews, infographics and more Subscribe for daily dose of business news: http://bit.ly/1pcHCzj Made by euronews, the most watched news channel in Europe.