Oil prices rise on Saudi Arabia plan to deepen output cuts from July
Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets.
Brent crude futures were up $1.81, or 2.4%, at $77.94 a barrel by 1114 GMT after touching a session high of $78.73.
US West Texas Intermediate crude climbed by $1.84, or 2.6%, to $73.58 after hitting an intraday high of $75.06.
Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom’s output would drop to 9 million bpd in July from about 10 million bpd in May.
