Oil prices rose 3% on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.
Saudi Arabia said on Monday it would adding to existing cuts by reducing output by a further 1 million barrels per day (bpd) in June, slashing total production to 7.5 million bpd, or down nearly 40% from April.
President Donald Trump on Tuesday praised Saudi Arabia's decision to curb its oil output and said it would be a boon to the U.S. oil industry, which had been battered by a price crash in recent weeks.
Inventory data this week will be key to extending any oil price rally.
Where are prices heading next? Watch The Commodity Report now with Phil Carr at The Gold & Silver Club, for the latest price forecasts and predictions:
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