Crude oil prices surged nearly 2.5% to their highest level in two weeks after the world’s two biggest producers agreed in principle to extend a deal on output restraint through March of next year.
The Energy Ministers of Saudi Arabia and Russia said that they had “reached an understanding” that it is necessary to keep surplus crude off the market “until March 31, 2018,” in order to stabilize a world oil market that is still oversupplied.
