Oil Jumps as Saudi Arabia Voices Support for OPEC Deal Extension

Oil jumped to its highest level in two weeks after the energy ministers of Saudi Arabia and Russia said they are in favor of extending OPEC’s output-cut deal for nine months.

Futures added as much as 1.8 percent in New York to $48.70, on course for its highest close since May 1. Saudi Arabia and Russia say the production cuts are working, and inventories are decreasing, Energy Minister Khalid Al-Falih, alongside his Russian counterpart, said in Beijing. The ministers agree the deal should be extended through the first quarter of next year at the same volume of cuts, Al-Falih said.

“The market is certainly reacting to comments from Saudi Arabia and Russia’s ministers, and it should help at least maintain current prices,” Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone. “However, we’ll see whether the rebound remains until the U.S. market opens. It could be short-lived and

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