The price of a barrel of North Sea Brent for delivery in August stood at 77.03 dollars on Monday morning, 90 cents more than on Friday.
The price of a barrel of U.S. West Texas Intermediate for July delivery rose by 92 cents to 72.66 dollars.Following a meeting of the oil cartel OPEC+ on Sunday, Saudi Arabia announced the cut following hours of negotiations. The measure, which Riyadh said could be extended beyond July, comes as oil prices are on the decline due to a weakened global economy.
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