Saudi Arabia to extend voluntary 1mbpd oil production cut through Sept

<p>Brent prices are up more than $1 after this announcement, which was a Reuters poll showed was expected by 15 of 22 oil analysts. That means it wasn't fully priced in and you can see that from the reaction.</p><p>The state news agency carried the headlines and said the cut could be extended further or deepened. Many analysts expect them to taper the cut by half in October.</p><p>Full statement: </p>

This article was written by Adam Button at www.forexlive.com.