Crude oil rallies as Saudi Arabia commits to ‘precautionary’ oil cut

Crude oil futures rallied in midmorning Asian trade June 5, as Saudi Arabia said it will cut its crude output by another 1 million b/d, deepening OPEC+ alliance production cuts to 4.7 million b/d. At 10:35 am Singapore time (0235 GMT), the ICE August Brent futures contract was up 80 cents/b (1.05%) from the previous close at $76.93/b, while the…