Crude oil prices up after Saudis pledge deeper output cuts beyond June
YORK, May 12 (Reuters) – Oil prices rose on Tuesday after an unexpected commitment from Saudi Arabia to deepen production cuts in June and on indications that the producer group known as OPEC+ wants to maintain existing curbs for longer than expected.
Brent crude advanced 44 cents, or 1.5 per cent, to $30.07 by 11:17 a.m. EDT (1517 GMT), while US West Texas Intermediate (WTI) crude was up $1.40, or 5.8 per cent, at $25.54.
Saudi Arabia said on Monday it would add to existing cuts by reducing output another 1 million barrels per day (bpd) next month, slashing total production to 7.5 million bpd, or down nearly 40 per cent from April.
