LONDON—Oil prices rose by more than $1 a barrel on Monday after top crude exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets.
Brent crude futures were up $1.72, or 2.3 percent, at $77.85 a barrel by 0900 GMT after touching a session high of $78.73.
U.S. West Texas Intermediate crude climbed $1.72, or 2.4 percent, to $73.46 after hitting an intraday high of $75.06.
Both contracts extended gains of more than 2 percent on Friday after the Saudi energy ministry said the kingdom’s output would drop to 9 million bpd in July from about 10 million bpd in May. The cut is Saudi Arabia’s biggest in years….