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Oil rises more than 1 pct as Saudi says production curbs could last into 2019

Oil prices jumped more than 1 percent on Friday, pushed up by Saudi plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market.

The rise in oil prices defied global stock markets, which slumped on the back of worries about a trade stand-off between the United States and China. But gold XAU= , seen as a safehaven in times of economic turmoil, rallied to a two-week high on Friday. President Donald Trump signed a memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, while China unveiled plans on Friday to impose tariffs on up to $3 billion of U.S. imports. West Texas Intermediate (WTI) crude futures CLc1 were at $64.99 a barrel at 0405 GMT, up 69 cents, or 1.1 percent, from their previous close.

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