Crude prices for future contracts climbed on Thursday following the news that Saudi Arabia will continue its voluntary reduction of oil production by one million barrels per day, extending the cut into September.
Concerns over the commodity supply pushed the prices to rise ahead of the planned OPEC+ panel's meeting, which is scheduled to take place virtually on August 4.
West Texas Intermediate (WTI) for September deliveries rose 1.32% to $80.58 per barrel at 9:04 am ET. Brent for October settlements gained 1.14% to sell at $84.11 per barrel.