Oil Prices Jump As Saudi Arabia Extends Oil Production Cut

Oil prices jumped on Thursday after Saudi Arabia said it would extend its unilateral voluntary cut of 1 million barrels per day (bpd) into September, adding that the cut could be extended or extended and deepened. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices – which were flat until then – rose by 1%. The Saudi extension was largely expected by the market and traders. The announcement comes a day ahead of a regular meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group,…