Crude oil futures soared by nearly 2% during mid-morning trade in Asia Monday as OPEC and its allies look to extend their supply cut agreement at a time of growing geopolitical tensions in the Middle East. At 10:49 am Singapore time (0249 GMT), the new front-month ICE Brent September futures rose by $1.38/b (2.13%) from Friday’s settle at $66.12/b, while the front-month NYMEX August light sweet crude futures contract was up $1.21/b cents/b (2.04%) at $59.68/b. Saudi Arabia and Russia have OPEC and its allies poised to extend oil supply cuts for longer than expected into the first quarter of 2020, as the bloc seeks to shore up prices in the face of flagging demand growth ahead. Ministers from the two largest countries of the producer alliance have endorsed a nine-month extension of the 1.2 […]