Oil prices rose on Monday after Saudi Arabia and Russia, the world's two largest oil exporters, confirmed that they would continue to voluntarily cut their production until the end of the year, while investors await tougher U.S. sanctions on Iranian oil.
Brent crude futures rose 41 cents, or 0.5 percent, to $85.30 a barrel, while U.S. West Texas Intermediate crude was at $81.05 a barrel, up 54 cents, or 0.7 percent.
The Saudi Energy Ministry announced that the kingdom would continue to reduce its voluntary production of one million barrels per day, bringing its production to 9 million barrels per day in December.
Source (Al-Arabiya.net Website, Edited)
