Asian shares extend global rally, oil rises after Saudi cuts

SYDNEY: Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts.

Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06.