Oil rises 2% as supply and economic outlook cut

Oil prices rose about 2% today on supply cuts and a poor global economic outlook. Total cuts now total more than five million barrels per day, or five percent of global oil production. Saudi Arabia said it would extend its voluntary cut. For production of one million barrels per day until August, while Russia and Algeria volunteered to reduce production and export levels in August by 500,000 barrels per day and 20,000 barrels per day, respectively. Brent crude futures rose by $ 1.60 to $ 76.25 per barrel, as well as West Texas Intermediate crude futures rose. the US by $1.44 to $71.23 per barrel.