Oil prices up after Saudi pledge on cuts eases some glut fears
Share:
LONDON (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 advanced 38 cents, or 1.3%, to $30.01 at 0830 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 70 cents, or 2.9%, at $24.84. Saudi Arabia said on Monday it would cut output by a further 1 million barrels per day (bpd) in June, slashing total production to 7.5..