Commodities
Oil prices slip on global demand woes, China gloom
© Reuters. FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
By Natalie Grover
LONDON (Reuters) -Oil prices jumped on Tuesday as Saudi Arabia announced a fresh extension to its voluntary supply cuts, stretching its one million barrel per day reduction for another three months through December.
By 1309 GMT futures for November were up $1.05 to $90.05 a barrel, while U.S. West Texas Intermediate crude (WTI) October futures rose $1.47 to $87.02 a barrel.
The decision will be reviewed monthly to consider deepening the cut or increasing production, state news agency SPA said on Tuesday.
Saudi Arabia was widely expected to extend its voluntary oil cuts into October.
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