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.