Oil prices up after #Saudi pledge on cuts eases some glut fears - Reuters

Oil prices up after Saudi pledge on cuts eases some glut fears - Reuters:

Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.

Brent crude LCOc1 advanced 78 cents, or 2.6%, to $30.41 at 1216 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up $1.22, or 5%, at $25.36.

Saudi Arabia said on Monday it would adding to existing cuts by reducing output by a further 1 million barrels per day (bpd) in June, slashing total production to 7.5 million bpd, or down nearly 40% from April.

The United Arab Emirates and Kuwait also committed to cut an extra 180,000 bpd in total, adding to reductions the producers agreed under a deal between OPEC, Russia and other nations, a group known as OPEC+.