Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

Russia will reduce its oil exports by 500,000 bpd in August; Saudi said it would extend its cut of 1 mbpd till August

Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to US rates.
 

Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said.
 

Russia will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies.
 

Brent crude futures were up 0.9 per cent, or 70 cents, at $76.11 a barrel by 1210 GMT.
 

 

The cuts amount to 1.5 per cent of global supply and bring the total pledged by Opec+ oil producers to 5.16 million bpd.

Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.
 

Brent crude futures were up 0.9 per cent, or 70 cents, at $76.11 a barrel by 1210 GMT, having gained 0.8 on Friday. US West Texas Intermediate crude rose 1.1 per cent, or 80 cents, to $71.44 after a 1.1 per cent gain in the previous session.