Crude oil futures jumped to a two-week high on Monday after Saudi Arabian and Russian energy ministers in a joint statement said they back a nine-month extension to the current production cuts led by the Organization of the Petroleum Exporting Countries.That would keep current output caps in place through the first quarter of 2018 if agreed to by all parties at the coming May 25 OPEC meeting.At a joint press conference in Beijing, Saudi Energy Minister Khalid Al-Falih said, “the agreement needs to be extended as we will not reach the desired inventory level” by the end of June, according to Bloomberg. Russian Energy Minister Alexander Novak added preliminary consultations show “that everyone is committed” and he doesn’t “see reasons for any country to quit.”via