Oil prices rallied when Saudi Arabia and Russia voiced support for extending Opec-led production cuts by nine months, to March 2018. But so far the oil price rally is mainly driven by short-covering, and new longs would be needed to drive it higher, says Saxo Bank's commodities strategy chief Ole Hansen.

• Oil jumps as Saudi Arabia and Russia say cuts should be extended to March 2018
• WTI retraced half of the April-to-May selloff on Saudi and Russian verbal support
• Oil's rally driven mainly by short-covering at this stage: Hansen
• Market would need more new longs emerging to drive rally further: Hansen
• Gold stuck between key levels of $1,200 and $1,250 /oz
• China-led talks on big infrastructure spending boost industrial metals
• Very weak inflation data on Friday caught fixed-income market by surprise
• Yields a bit lower on weaker-than-expected inflation
• June Fed hike looks a little less certain, though still priced at 93%: Boye
• Commodities trader Nobel Group's stocks and bonds hammered on debt fears