Oil prices jumped more than two per cent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production.

The refusal by OPEC to raise production negates the call by U.S. President Donald Trump for action to raise global supply.

Benchmark Brent crude hit its highest since November 2014 at 80.94 dollars per barrel, up 2.14 dollars or 2.7 per cent, before easing to around 80.75 dollars by 1150 GMT. U.S. light crude was 1.25 dollars higher at 72.03 dollars.

Source: Premium Times