Oil prices rise on supply deficit concerns

Oil has risen above $95 a barrel for the first time since November last year. That's as Saudi Arabia and Russia signal their will to continue with their price cuts and as signs of a potential economic recovery boost sentiment. Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, on Monday, insisted the kingdom's decision this month to extend oil production cuts to the end of this year was not about "jacking up prices". Despite this, Mike Wirth, chief executive of Chevron, said oil prices are set to break $100 before the end of this year. The International Energy Agency also added it expects a surge in Chinese demand in the next few months.