Oil prices jumped more than $1 a barrel on Monday after the world\u2019s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51, or 2%, at 0014 GMT after earlier hitting a session-high of $78.73 a barrel.<\/p>\n
U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. Both contracts extended gains after rising more than 2% on Friday as the Saudi energy ministry said on Sunday its output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the kingdom\u2019s biggest reduction in years.<\/p>\n
The voluntary cut pledged by Saudi is on top of a broader deal by the Organization of the Petroleum Exporting Countries and their allies including Russia to limit supply into 2024 as the group seeks to boost flagging oil prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices jumped more than $1 a barrel on Monday after the world\u2019s top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51, or 2%, at 0014 GMT after earlier hitting a session-high of $78.73 a barrel. U.S. West Texas Intermediate crude climbed $1.41, or 2%, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel. Both contracts extended gains after rising more than 2% on Friday as the Saudi energy ministry said […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-582091","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/582091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=582091"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/582091\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=582091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=582091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=582091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}