Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand.
Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85 at 0650 GMT, after hitting an intraday high of $30.11 a barrel.
US West Texas Intermediate (WTI) crude futures were up 1.8 per cent, or 44 cents, at $24.58 after touching an intraiday high of $24.77.
Saudi Arabia said overnight it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40 per cent from April.
