Oil prices rose more than $1 a barrel on Monday after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an Opec meeting this week. Front-month Brent crude futures for September touched an intraday high of $66.14 a barrel and were up $1.12, or 1.7 percent, at $65.86 a barrel. US crude futures for August rose $1.10, or 1.9 percent, to $59.57 a barrel after earlier hitting a peak of $60.10, the highest in over five weeks. The Organization of the Petroleum Exporting Countries (Opec) and its allies look set to extend oil supply cuts until at least until the end of 2019 as top producers on Sunday endorsed a policy aimed at propping up the price of crude.
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