"Saudi Arabia's July Output Cut Plan Boosts Oil Prices"

Oil prices rose by over $1 a barrel after Saudi Arabia pledged to cut production by an additional 1 million bpd from July to counter macroeconomic headwinds that have depressed markets. The voluntary cut is on top of a broader deal by OPEC+ to limit supply into 2024 as the producer group seeks to boost flagging oil prices. The additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks.