Oil Jumps After Saudi Arabia, Russia Announce Extension Of Export Cuts

"Saudi Arabia announced it will extend its voluntary, unilateral oil production cut by one
month, at least through August (the output cut can and likely will be extended further), keeping a ceiling on supply even as the market is expected to tighten further. Moments later, its OPEC+ ally Russia announced it will "voluntarily" extend a reduction of its oil exports in August by 500K bbl/day to ensure the oil market remains balanced....The news sent the oil and energy complex to the highest level in at least a week: Brent rose 1.5% to $76.50 a barrel; WTI for August delivery advanced 1.4% to $71.60. The Stoxx 600 Energy subsector outperformed the broader European benchmark on Monday. The energy sub-index rises as much as 1.9%, the most in a month; Shell (+2%) was the biggest contributor to the gains by index points. Other movers are Harbour Energy +4.7%, Galp +3.1%, Aker BP +2.7%, BP +2.7%, TotalEnergies +2.6%." ZH