SINGAPORE : Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.Brent crude futures was at $78.42 a barrel, up $2.29, or 3 per cent, at 2219 GMT after earlier hitt
SINGAPORE : Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.
U.S. West Texas Intermediate crude climbed $2.27 a barrel, up 3.2 per cent, or $74.01 a barrel, after touching an intraday high of $75.06 a barrel. The voluntary cut pledged by Saudi is on top of a broader deal by the Organization of the Petroleum Exporting Countries and their allies including Russia to limit supply into 2024 as the group seeks to boost flagging oil prices.
"The move by Saudi Arabia is likely to come as a surprise, considering the most recent change to quotas had only been in effect for a month," ANZ analysts said in a note.However, many of these reductions will not be real as the group lowered the targets for Russia, Nigeria and Angola to bring them into line with actual current production levels.
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