Oil prices rise on Wednesday

Oil prices rose on Wednesday. Brent crude futures were up 0.58% to $34.85 a barrel in the morning, while U.S. West Texas Intermediate crude was up 2.14%, at $32.50 a barrel.

Earlier, Saudi Arabia said it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April, Argaam reported.

Meanwhile, the energy ministers of Saudi Arabia and Russia said in a joint statement last week that both countries are firmly committed to achieving oil market stability and expediting the rebalancing of the market.

The ministers further noted that they were pleased with the recent signs of improvements in economic and market indicators, primarily the growth in oil demand and the ease in concerns about storage limits after many countries begin to emerge from their stringent lockdowns.