Statements Of Saudi And Russian Make Oil Prices Jump To $ 52 A Barrel

BAGHDAD, Iraq (NINA) - Oil prices jumped more than 2 percent on Monday to $ 52 after energy ministers in Saudi Arabia and Russia said production cuts were needed to continue in 2018. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in Beijing on Monday that the cuts should be extended for a further nine months until March 2018, which is longer than the option to extend of six-month cuts in an agreement between OPEC and outside producers. Oil prices recorded $ 52.26, the highest since April 26./ End