Saudi Arabia's Production Cuts Boost Oil Prices.

Oil prices rose by 2.5% after Saudi Arabia announced further voluntary output cuts of one million barrels per day from July, bringing its output to nine million barrels per day. The Organization of the Petroleum Exporting Countries and its partners (OPEC+) made no changes to its planned oil production cuts for the rest of the year. The move surprised the market, which did not widely expect the Saudi decision to cut production unilaterally. The rise in global oil demand in the Northern Hemisphere's summer season is expected to lead to an oil inventory draw and support higher oil prices over the coming months.