Oil Prices Surge as Saudi Arabia Extends Production Cut

Oil prices rose on Tuesday after Saudi Arabia announced an extension of its voluntary oil production cut. The state-owned Saudi Press Agency reported that Saudi Arabia will continue its 1-million-barrels-per-day production cut until the end of the year. Brent crude futures for November increased by $1.49, or 1.67%, to $90.49 a barrel, while U.S. West Texas Intermediate crude October futures rose by $1.95, or 2.28%, to $87.50 a barrel. The extension of the production cut comes as concerns about a potential global supply shortage continue to weigh on the market.