Oil prices climb on Thursday

Oil prices advanced on Thursday. Brent crude futures for July delivery were trading up 33 cents, or 0.9%, at $36.08 per barrel at 0344 GMT, rising for a second day.

U.S. West Texas Intermediate (WTI) crude futures for July were up 20 cents, or 0.6%, at $33.69 a barrel.

Earlier this month, 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.