Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed. Oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance.
Oil rises above $52 as Saudis, Russia back longer supply cut
