BENGALURU, Sept 5 (Reuters) - Oil prices surged 2% on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts by three months to the end of this year, worrying investors about potential shortages during peak winter demand.
Brent crude futures rose by $2.08, or about 2.3%, to $91.08 a barrel by 11:43 a.m. EDT (1543 GMT), eclipsing the $91 level for the first time since last November.
Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $2.42, or about 2.8%, to $87.97 a barrel, also a 10-month high.
Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected.
Source:
Reuters