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U.S. oil stocks pare back early gains amid Saudi output cut pledge

Investing.com -- U.S. oil stocks pared back early gains in choppy trading on Monday as these companies were boosted by a jump in oil prices following an announcement from Saudi Arabia that it plans to cut production from next month.

Shares in oil major ExxonMobil (NYSE:XOM) inched lower, while peer Chevron (NYSE:CVX) hovered around the flatline. Elsewhere, oilfield services group Schlumberger (NYSE:SLB) edged down by more than 1%.

Oil prices climbed sharply earlier in the session, helping oil firms in Europe post strong gains, after Saudi Arabia, the world’s top exporter, pledged over the weekend additional output cuts from July, likely tightening the market further in the second half of the year.

The Saudis said on Sunday that the country's output would drop to 9 million barrels per day in July, a cut of around 1 million barrels per day from its production levels in May.

This reduction, seeking to support slumping oil prices, came as the Organization of the Petroleum Exporting Countries and their allies, including Russia, a group known as OPEC+, agreed to extend production cuts into 2024.

By 09:06 ET (13:06 GMT), U.S. crude futures traded 2.54% higher at $73.56 a barrel, while the Brent contract climbed 2.31% to $77.89 per barrel.

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