Oil prices keep rising on production cut optimism

Oil prices settled higher for a fourth straight session Monday as Saudi Arabia and Russia said crude supply cut deal needed to be extended into 2018.

Saudi Arabia and Russia energy ministers said Monday that supply cuts should be prolonged for nine months, until March 2018, which is longer than the optional six-month extension specified in the deal, according to the Reuters.

The ministers also said they hoped other producers would join the supply cut, which would initially be on the same volume terms as before.

The West Texas Intermediate for June delivery jumped 1.01 U.S. dollars to settle at 48.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.98 dollar to close at 51.82 dollars a barrel on the London ICE Futures Exchange.