On Thursday, Oil prices rose by 2% as Saudi Arabia and Russia made moves to maintain tight oil supplies into September, Reuters reports.
Saudi Arabia announced that it would extend its voluntary oil output cut of one million barrels per day (bpd) for a third month.
Russia said it would cut oil exports by 300,000 bpd in September.
These cuts follow the decisions made in June by OPEC+ to limit oil supply into 2024.
