Oil prices increased their rise, in trading today, Monday, after Russia and Saudi Arabia announced decisions aimed at supporting the stability of global oil markets.
By noon today, US crude futures rose by 1.44% to $71.66 a barrel, while Brent crude futures rose by 1.46% to $76.51 a barrel, according to Bloomberg agency data.
The rise came after Russia announced that it would voluntarily reduce its oil exports in August 2023 by 500,000 barrels per day.
And before that, an official source in the Ministry of Energy of the Kingdom of Saudi Arabia announced that the Kingdom will extend the voluntary cut of one million barrels per day, which began in July for another month, to include the month of August with the possibility of extending it.
Source: National Iraqi News Agency