Övünç Kutlu
27 October 2017•Update: 30 October 2017
By Ovunc Kutlu
NEW YORK
Brent crude oil climbed above $60 a barrel Friday for the first time in more than two years as Saudi Arabia supported an output cut extension and President Donald Trump threatened to scrap the Iran nuclear deal.
The international benchmark rose as high as $60.53 before 1930 GMT, gaining 2 percent after closing at $59.30 Thursday.
U.S. benchmark West Texas Intermediate crude rose 2.5 percent to $53.98 after closing Thursday at $52.64.
It was its highest level in the past eight months.
The sudden increase in crude prices was attributed to Saudi Arabia voicing support for the extension of an OPEC production cut, according to analysts.
Saudi Crown Prince Mohammed bin Salman said Friday his country would support the extension of an output cut agreement beyond its deadline next March, a move that would push prices higher with less production from the Kingdom, the world's biggest oil exporter.
Trump's attempt to void the nuclear agreement between the U.S., other world powers and Iran also threatens to boost crude prices.
Canceling the deal would significantly diminish Iran's oil exports and foreign investments in its oil production, according to analysts.
