Crude oil futures ended higher on Monday after Saudi Arabia, the world's largest crude exporter, pledged to cut its production by another 1 million barrels per day in July. Saudi Arabia will reduce its output to 9 million bbl/day in July from about 10 million bbl/day in May, its largest cut in years. Besides, A broader OPEC+ deal to limit supply into 2024, encouraging service sector activity data from China and the signing of a legislation by U.S. President Joe Biden to raise the nation's debt ceiling contributed as well to the rise in oil prices.
Benchmark crude oil futures for July delivery rose $0.41 or about 0.6 percent to settle at $72.15 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $0.63 or 0.83 percent to settle at $76.71 a barrel on London's Intercontinental Exchange.