Tuesday, 07 July 2020
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Oil prices climb as Saudi Arabia pledges further production cut
Tuesday, 12 May 2020 18:57 WIB | ENERGY |Minyak WTI BerjangkaMinyak jenis Brent

Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain the glut in the global market that has grown as the coronavirus pandemic crushed fuel demand.

Brent crude futures climbed 98 cents, or 3.3%, to trade at $30.61 per barrel. The benchmark fell $1.34 on Monday.

U.S. West Texas Intermediate crude futures climbed $1.33, or 5.5%, to trade at $25.47 per barrel.

Saudi Arabia said overnight it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April.

Source: Reuters

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