WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Tuesday after Saudi Arabia and Russia said they are extending cuts to the amount of oil they pump to the world to try to prop up prices.
Benchmark Brent crude futures were up a little over 1 percent at $75.44 a barrel, while WTI crude futures were up 1.1 percent at $70.56.
Russia and Saudi Arabia have announced further output cuts to 'ensure that the oil market remains balanced' amid lingering worries about the strength of demand in the global economy, according to Russian deputy prime minister Alexander Novak.
While Russia announced a 500,000 barrel per day cut, Saudi Arabia said it would continue with the 1mln daily reduction through August.
Meanwhile, the Organization of Oil Producing Countries or OPEC kept its production steady in June, a Bloomberg report said.
According to the report, the 13-member OPEC on an average produced 28.57 million barrels a day, a modest rise of 80,000 barrels a day from May.
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