Oil prices rose today, with the support of the announcement by Saudi Arabia, the largest exporter in the world, to extend the voluntary production cut by one million barrels per day until next August, which dispels fears of a slowdown in the global economy.
Brent crude futures rose 85 cents to $76.26 a barrel, after rising 0.8% last Friday, and US West Texas Intermediate crude rose 81 cents, recording $71.45 a barrel, after closing up 1.1% in the previous session.
And the Saudi Ministry of Energy had stated earlier today that the move to extend the voluntary reduction in oil production comes to reinforce the precautionary efforts being made by the Organization of the Petroleum Exporting Countries and its allies (OPEC +) with the aim of supporting the stability and balance of oil markets.
