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Crude oil prices rallied nearly 2 percent on Monday after Saudi Arabia - the world's largest crude exporter - pledged to cut its production by another 1m bbl/day in July. Benchmark Brent crude futures jumped 1.80 percent to $77.50 a barrel, while WTI crude futures climbed 1.9 percent to $73.10.
Saudi Arabia will reduce its output to 9m bbl/day in July from about 10m bbl/day in May, its largest cut in years.
A broader OPEC+ deal to limit supply into 2024, encouraging service sector activity data from China and the signing of a legislation by U.S. President Joe Biden to raise the nation's debt ceiling also underpinned prices.
After seven hours of talks, the Organization of the Petroleum Exporting Countries and its allies led by Russia, or OPEC+ have reached a deal to reduce overall production targets from 2024 by a further total of 1.4 million barrels per day (bpd).
The United States avoided a catastrophic default after President Joe Biden signed legislation that lifts the nation's debt ceiling.
The services sector in China continued to expand in May, and at a faster rate, the latest survey from Caixin revealed today with a services PMI score of 57.1, up from 56.4 in the previous month.
