Oil rises more than 1% as Saudi says production curbs could last into 2019

Oil prices jumped more than 1 per cent on Friday, pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market. 

 The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States and China. But gold, seen as a safehaven in times of economic turmoil, rallied to a two-week high on Friday. 

The pact is set to expire at the end of this year, but Saudi Arabia seems to be pushing for an extension. 

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