Oil prices jump after Saudi Arabia vows to cut production again

Posted on AllSides June 5th, 2023
From The Left
Simon Dawson/Bloomberg/Getty Images

Oil prices rose Monday after Saudi Arabia said it would slash output by another one million barrels per day for at least a month starting in July as part of an effort by OPEC+ producers to shore up crude prices.

At 5.30 a.m. ET, Brent crude, the global benchmark, was trading up 2.3% at nearly $78 a barrel, while WTI, the US benchmark, rose 2.4% to $73.50. Gasoline futures were up 1.5%, but the average US pump price for a gallon of regular unleaded gas was unchanged at $3.55.

The Saudi production cut was its biggest in...

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