Oil prices rose by around $1 per barrel on Monday after Saudi Arabia announced it would cut production by a further 1 million per day from July.
Brent crude futures and West Texas Intermediate crude rose to $77.15 and $72.76 per barrel, respectively – both rises of 1.02% – at 6:45 GMT after Saudi’s most significant production cuts in years, which come on top of broader OPEC reductions.