Oil prices jump after Saudi Arabia vows to cut production again

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...