Oil futures climbed on Monday, with U.S. benchmark prices settling at their highest since May 26. Saudi Arabia on Sunday agreed to voluntarily cut its oil production level by 1 million barrels a day in July. “Spurring a bout of short-covering via a further surprise cut appears the best way to spur a relief rally but for now, the response by oil prices has been exceptionally tepid,” said Matt Smith, lead oil analyst, Americas, at Kpler. July West Texas Intermediate crude
CLN23,
rose 41 cents, or 0.6%, to settle at $72.15 a barrel on the New York Mercantile Exchange.
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