home Uncategorized US crude climbs 3.3% to 7-week closing high of $47.89 after Saudis vow to cut exports

US crude climbs 3.3% to 7-week closing high of $47.89 after Saudis vow to cut exports

Oil prices rose to a seven-week high on Tuesday after Saudi Arabia pledged to curb exports next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices.

U.S. West Texas Intermediate (WTI) futures climbed $1.55, or 3.3 percent, to end Tuesday’s session at $47.89, its best closing level since June 7.

Global benchmark Brent crude for September delivery was up $1.63, or 3.4 percent, at $50.23 a barrel by 2:35 p.m. ET (1835 GMT) after touching a seven-week intraday high.

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