Oil prices rose by around two percent today after Saudi Arabia and Russia announced two decisions to potentially reduce oil supplies in the market until September and beyond.

Brent crude futures increased by $1.94 or 2.3 percent, settling at $85.14 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by $2.06 or 2.6 percent, reaching $81.55 at settlement.

Despite concerns about central banks worldwide raising interest rates to curb inflation, oil prices went up.

Earlier today, Saudi Arabia announced the voluntary extension of a million barrels per day cut in oil production for a third month, including September. The country also hinted at the possibility of further extending or increasing the cut.

Similarly, Russian Deputy Prime Minister Alexander Novak said that Moscow would reduce oil exports by 300,000 barrels per day in September.

These reductions come in addition to the decision made by the OPEC+ alliance, including OPEC and allies like Russia, in June of last year to cut oil supplies until 2024.

Source: Qatar News Agency