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Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June.
Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June.

KONTAN.CO.ID - LONDON. Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.

Brent crude advanced 85 cents, or 2.9%, to $30.48 at 1100 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $1.29, or 5.3%, at $25.43.

Saudi Arabia said on Monday it would cut output by a further 1 million barrels per day (bpd) in June, slashing total production to 7.5 million bpd, or down nearly 40% from April.

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