Oil prices pop 2.5% after Saudi Arabia pledges more voluntary production cuts

Oil prices jumped pursuing OPEC kingpin Saudi Arabia's determination to chopped accumulation by different cardinal barrels per day.

On Sunday, the Organization of the Petroleum Exporting Countries and its partners — collectively known arsenic OPEC+ — made nary changes to its planned lipid production cuts for this year, but conjugation seat — and de-factor person — Saudi Arabia announced further voluntary declines. The cuts volition beryllium implemented from July.

Global benchmark Brent futures were up 2.4% astatine $78.00 a tube Monday during aboriginal Asia trade, portion U.S. West Texas Intermediate futures roseate 2.5% to $73.53 per barrel.

"The marketplace did not wide expect the Saudi determination to chopped accumulation by 1 cardinal barrels per time unilaterally," President of Rapidan Energy Bob McNally told CNBC successful an email pursuing the decision.

"It erstwhile again demonstrated that Saudi Arabia is consenting to enactment unilaterally to stabilize lipid prices," McNally said, citing the illustration of January 2021 erstwhile the lipid titan unilaterally chopped by accumulation by 1 cardinal barrels per day.

On April 3, respective producers of the lipid cartel OPEC+ revealed a combined 1.66 cardinal barrels per day of accumulation declines until the extremity of this year.

—CNBC's Ruxandra Iordache contributed to this report.