The West Texas Intermediate (WTI) for August delivery picked up 2 U.S. dollars, or 2.87 percent, to settle at 71.79 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained 2 U.S. dollars, or 2.68 percent, to settle at 76.65 U.S. dollars a barrel on the London ICE Futures Exchange.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said that the Organization of the Petroleum Exporting Countries (OPEC) would stay committed to maintaining the stability of global oil market.
OPEC and its partners would do "whatever necessary" to support the oil market, according to media reports quoting the energy minister.
"Oil prices are higher again today but still remain within their two-month range. The rally has been aided by the cuts announced by Saudi Arabia and Russia this week but ultimately, another failure to break above the range will suggest traders have largely shrugged it off," said Craig Erlam, senior market analyst at OANDA, a supplier of online multi-asset trading services.
Saudi Arabia would extend the 1-million-barrel/day voluntary production cut into August while Russia planned to cut oil exports by 500,000 barrels per day in August, according to official statements from the two countries on Monday.
Latest comments