Oil rose on Monday as top exporter Saudi Arabia extended its supply cut through August, overshadowing concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve.

Top oil exporter Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day for another month to include August, the state news agency said on Monday.

Brent crude futures were up 85 cents to $76.26 a barrel by 0915 GMT after gaining 0.8% on Friday. U.S. West Texas Intermediate crude was up 81 cents at $71.45 a barrel, after closing 1.1% higher in the previous session.
Source: Reuters