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Oil prices rally as Saudi Arabia extends output cut

Oil prices rallied on Monday after top crude exporter Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day until August.

Brent, the benchmark for two thirds of the world’s oil, was trading 1.25 per cent higher at $76.35 a barrel at 1.35pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was up 1.26 per cent at $71.53 a barrel.

The kingdom will extend the production cut, which was initially announced for July, for another month, the Saudi Press Agency reported on Monday, citing an official source from the Ministry of Energy.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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