Oil futures climbed in early trade on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand.
Brent crude futures climbed to a high of $30.11 a barrel and were up 0.9%, or 28 cents, at $29.91 at 0021 GMT, clawing back some of the previous session’s losses. The benchmark fell $1.34 on Monday.
U.S. West Texas Intermediate (WTI) crude futures were up 1%, or 24 cents, at $24.38 after touching a 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% from April.
