Oil prices rose on Monday to reach their highest since mid-April following an extension of production cuts by Saudi Arabia and Russia.
Oil prices surged Monday to their highest since mid-April, following an attack on a key Russian oil export hub and extended production cuts by OPEC kingpin Saudi Arabia and Russia.'s port of Novorossiysk, a critical hub on the Black Sea for Russian oil exports. Ukraine did not immediately respond to CNBC's request for comment.extended its voluntary crude oil output cut
of a million barrels per day to the end of September. Saudi Arabia's million barrel per day cut was implemented in July through to August, and the cut "can be extended or extended and deepened," the state-owned Saudi Press Agency said last week. "Now that we've seen supplies come off, I think I think we'll see much higher prices," said Josh Young, chief investment officer at Bison Interests, an oil and gas investment firm.oil exports by 300,000 million barrels per day in September.
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