Oil prices up after Saudi Arabia announces more production cuts

Oil prices are up after Saudi Arabia, a key member of the Organization of the Petroleum Exporting Countries, announced more production cuts, which include reducing production by an additional 1 million barrels a day for at least a month and extending current cuts.

Saudi Arabia, the world's top oil exporter, already reduced production in April by 500,000 barrels a day.

Riyadh extended that cut on Sunday through December 2024.