Crude prices held firm in Asia on Monday after OPEC and its allies agreed to enlarge production cuts and Saudi Arabia said it would go even further with its own reductions.
Brent crude futures eased 0.2%, after gaining 1.6% on Friday. Top oil producers agreed at last week’s meeting in Vienna to extend cutbacks to 1.7 million barrels a day, from 1.2 million previously, starting Jan. 1. Saudi Arabia then sprang a surprise, saying it would pump 400,000 barrels a day less than its new mandate.
