Oil Prices Surge After Saudi Production Cut Announcement

Oil prices jumped more than two dollars per barrel in early Asian trading after Saudi Arabia, the world's largest oil exporter, pledged to cut production starting from July. Brent crude futures rose by $2.29 or 3 percent to $78.42 per barrel at 22:19 GMT, after earlier reaching a session high of $78.73 per barrel. U.S. West Texas Intermediate crude increased by $2.27 or 3.2 percent, reaching $74.01 per barrel after touching a high of $75.06 per barrel yesterday.