Oil futures trade higher Monday after Saudi Arabia says it will extend a 1 million barrel-a-day production cut into August and Russia plans to trim exports.
Oil futures rose Monday after Saudi Arabia said it would extend a 1 million barrel-a-day production cut through August, while Russia said it would cut exports this month by 500,000 barrels a day.Market drivers Crude futures popped higher after... Oil futures rose Monday after Saudi Arabia said it would extend a 1 million barrel-a-day production cut through August, while Russia said it would cut exports this month by 500,000 barrels a day.
Also Monday, Russian Deputy Prime Minister Alexander Novak said the country would curb exports by 500,000 barrels a day in July, according to news reports, “as part of efforts to ensure oil markets remain balanced.” Oil rose modestly after the announcements, but it wasn’t enough to prompt a “material rally,” wrote analysts at Sevens Report Research.
Saudi Arabia had announced a voluntary July cut of 1 million barrels a day on June 4 as the Organization of the Petroleum Exporting Countries and its allies agreed to stick with earlier production curbs. Saudi Energy Minister Abdulaziz bin Salman had said the cut could be extended.Oil futures ended Friday with monthly gains but WTI saw a second consecutive quarterly decline — off nearly 7% — and Brent logged a fourth straight quarterly loss — down over 6%.
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