OPEC.. High oil prices at the close of transactions

Oil rose at the start of the week’s trade after Saudi Arabia said it would cut additional supplies by 1 million barrels per day in July, reaching a multi-year low following a price fall.

West Texas Intermediate crude futures jumped nearly 5% early in the session before narrowing gains to trade below $73 per barrel, while Brent crude, the world benchmark, traded at around $77. Saudi Energy Minister Prince Abdulaziz bin Salman said he would “do everything necessary to stabilize this market” after a tense OPEC + meeting over the weekend.

“Voluntary reduction, in my view, is a good reason for protecting against decline”, rather than spurring a steady rise in prices. Markets could focus on broader prospects for macroeconomic weakness.

Oil prices in New York fell 11% last month as demand fears weighed on expectations, especially in China. Most market watchers, including Goldman Sachs, expected OPEC + to maintain production unchanged, and the rest of the 23-nation Alliance took no further action.