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Crude oil price extended gains toward $47 a barrel as Saudi Arabia promised deep cuts to crude exports next month to help ease a global glut.
U.S. crude stockpiles probably fell for a fourth week through July 21, according to a Bloomberg survey data Wednesday.
Oil remains in a bear market amid concern rising global output will offset curbs by members of the Organization of Petroleum Exporting Countries and its allies.
Nigeria and Libya, exempt from the deal to reduce supply, will be allowed to continue boosting production to their desired levels, Al-Falih said after a technical committee meeting tasked with monitoring compliance to cuts.
West Texas Intermediate for September delivery gained as much as 36 cents to $46.70 a barrel while Brent for September settlement climbed as much as 36 cents, or 0.7 percent, to $48.96 a barrel on the London-based ICE Futures Europe exchange.
Prices rose 54 cents, or 1.1 percent, to $48.60 on Monday.
U.S. crude stockpiles probably fell for a fourth week through July 21, according to a Bloomberg survey data Wednesday.
Oil remains in a bear market amid concern rising global output will offset curbs by members of the Organization of Petroleum Exporting Countries and its allies.
Nigeria and Libya, exempt from the deal to reduce supply, will be allowed to continue boosting production to their desired levels, Al-Falih said after a technical committee meeting tasked with monitoring compliance to cuts.
West Texas Intermediate for September delivery gained as much as 36 cents to $46.70 a barrel while Brent for September settlement climbed as much as 36 cents, or 0.7 percent, to $48.96 a barrel on the London-based ICE Futures Europe exchange.
Prices rose 54 cents, or 1.1 percent, to $48.60 on Monday.
