LONDON—Oil rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.
At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd) in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.
Brent crude rose 56 cents, or 0.7 percent, to $77.51 a barrel by 1035 GMT. U.S. West Texas Intermediate crude gained 70 cents, or 1 percent, to $73.23.
“With the OPEC+ meeting out of the way, focus is now shifting towards the next move the Fed will make when it meets next week,” said Tamas Varga of oil broker PVM….