Oil prices surged 2% on Thursday as Saudi Arabia and Russia extended measures to maintain tight oil supplies until September.
Brent futures rose by $1.86 to $85.06 a barrel, and U.S. West Texas Intermediate crude increased by $2.03 to $81.52. Saudi Arabia extended its voluntary one-million-barrel-per-day output cut, and Russia plans to reduce oil exports by 300,000 bpd in September.
The moves follow OPEC+ actions to limit oil supply into 2024. U.S. and Chinese labor market improvements supported oil demand, while concerns over interest rate hikes in Europe impacted markets.
Global oil and stock markets faced declines after Fitch downgraded the main U.S. credit rating.