Oil rises as market weighs supply cuts against gloomy economic outlook
said it would extend its voluntary output cut of 1 million barrels per day to August, while Russia and Algeria volunteered to lower their output and export levels for August by 500,000 bpd and 20,000 bpd respectively.
Brent crude futures were up 99 cents, or 1.3%, to $75.64 a barrel at 1102 GMT. U.S. West Texas Intermediate crude was at $70.74 a barrel, up 95 cents, or 1.4%.
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