Oil rises as Saudi Arabia extends cuts again
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Oil prices jumped on Thursday after Saudi Arabia extended its voluntary one million barrel per day output cut by another month to the end of September.
In June, OPEC+ - the Organization of the Petroleum Exporting Countries and allies - agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut for July.
Early last month, Saudi Arabia said it would extend the cut for another month to include August. It had been widely expected to extend the reduction through September.
Brent crude futures were up 42 cents to $83.62 a barrel by 1328 GMT, while U.S. West Texas Intermediate crude was 47 cents higher at $79.96.
Both benchmarks rose by more than $1 earlier in the session.
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