Crude oil futures traded higher in midmorning Asia trade Tuesday after Saudi Arabia announced Monday that it would cut output beyond its OPEC+ production quota. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:07 am Singapore time (0207 GMT), ICE July Brent crude futures rose 24 cents/b (0.81%) from Monday’s settle at $29.87/b, while the NYMEX June light sweet crude contract was 40 cents/b (1.66%) higher at $24.54/b. Saudi Arabia will voluntarily cut an additional 1 million b/d of its crude oil production in June below its quota under the OPEC+ agreement and hold its output at 7.492 million b/d, the official Saudi Press Agency reported Monday. “This move by Saudi Arabia adds another factor to a list of supporting bullish factors for the oil market, including rising crack spreads and refinery run rates in both the US and China,” […]