Oil jumps 2% on Saudi plan to deepen output cuts from July

Oil prices surged over 2% on Monday after Saudi Arabia announced an additional voluntary cut of 1 million barrels per day in oil output from July. Brent crude futures rose by $1.51 to $77.64 per barrel while U.S. West Texas Intermediate crude surged $1.41 to $73.15 per barrel. The oil market is anticipated to be even tighter in the second half of the year as the voluntary cut by Saudi is on top of deals by the Organization of the Petroleum Exporting Countries (OPEC) and their allies, limiting supply until 2024.