Extension of curbs buoys oil prices

Oil surged as Saudi Arabia and Russia extended their pact to manage the market and Canada’s largest producing province ordered unprecedented output curbs. After their worst month in a decade, prices in New York and London advanced more than 5 per cent. Although Russia and Saudi Arabia have yet to confirm any fresh cuts, their leaders’ agreement over the weekend opens the door for a deal at Opec’s meeting this week in Vienna. Canadian province Alberta’s decision to curtail production by 325,000 barrels a day drove oil’s rally, which largely ignored Qatar’s surprise announcement that it will leave the producer group.