Oil prices surge amid supply concerns as Saudi Arabia and Russia extend production cuts

Oil prices rose on Wednesday amid market concerns of a supply shortage after Saudi Arabia and Russia announced an extension of voluntary production cuts until the end of the year.

Futures for Brent crude oil increased by 17 cents, or 0.2%, to $90.21 per barrel as of 00:08 GMT. On Tuesday, crude oil surpassed the $90 mark for the first time since October.

Meanwhile, futures for U.S. West Texas Intermediate (WTI) crude oil rose by 23 cents, or 0.3%, to $86.92 per barrel.