Oil prices rose on Tuesday after Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday.
Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day (bpd) for another month to include August, adding that the cut could be extended beyond that month.
Also, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.
Ricardo Evangelista, an analyst at ActivTrades financial brokerage firm, attributed the rise in oil prices during Tuesday's session to market traders' optimism following Saudi Arabia's announcement of extending the decision to reduce oil production rates until August, in addition to the Russian cuts.
Speaking to Asharq Al-Awsat, he said that the future outlook for oil demand rates remains uncertain, clouded by the lingering uncertainty surrounding the global economic recovery.
Later, Algeria said it would cut oil output by an extra 20,000 barrels from Aug. 1-31 to support efforts by Saudi Arabia and Russia to balance and stabilise oil markets, its energy ministry said.
The voluntary cut will be on top of a 48,000 barrel reduction decided in April, it said.
Libyan Oil Minister Mohamed Oun said his country welcomed the Saudi decision which will have "positive impact on market balance between global producers, consumers, and on global economy".
Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT (1652 GMT). US West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. During Friday's session, Brent 0.8% and WTI rose 1.1%.
"The kingdom's production for the month of August 2023 will be approximately 9 million barrels per day," Saudi state news agency SPA quoted an official source from the Ministry of Energy as saying.
"This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the SPA official source was quoted as saying.
