Oil prices jump after Saudi Arabia vows to cut production

Oil prices rose on Monday following Saudi Arabia’s decision to cut production by one million barrels per day in July. Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million barrels per day in May, the biggest reduction in years, while a broader OPEC deal to limit supply into 2024 also underpinned futures. Oil prices have recently come under pressure amid heightened concerns about China’s slowing economic recovery.

In intra-day trade, Brent crude was trading at 77 dollars and 48 cents a barrel. West Texas Intermediate crude price was at 73 dollars and 10 cents per barrel when reports last came in.

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