MOSCOW (AP) — Russia and Saudi Arabia said Monday they want to extend oil production cuts through the first quarter of 2018, in a move the two major producers say would support the market price.

Oil prices rose on the announcement that the countries want to extend the deal, which encompasses both nations in the Organization of the Petroleum Exporting Countries and some non-OPEC countries like Russia.

The Russian Energy Ministry says extending the cuts through March 31, 2018, would show "producers' determination to ensure stability, predictability and incremental development of the market."

Rus...