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Oil prices jump over 2% after S. Arabia production cut

05 June 2023 04:24 (UTC +04:00)

Crude oil futures surged over 2% on Monday during early trading in Asia after Riyadh announced it will cut oil production by another 1 million barrels per day in July, APA reports citing Teletrader.

Saudi Arabia's oil output is now estimated to average 9 million barrels daily, with Minister Abdulaziz bin Salman claiming that OPEC+ is not aiming to achieve a certain price range. He also hinted that the unilateral slash may extend past July.

West Texas Intermediate (WTI) for deliveries in July advanced by 2.69% to sell for $73.67 per barrel at 1:08 am CET. A minute later, Brent for settlements in August went up 2.54% to go for $77.87 per barrel.