Saudi Arabia will extend its voluntary oil output cut of one million barrels per day by one more month to include August, the state news agency reported on Monday, per Reuters.

Meanwhile, Russia's Deputy Prime Minister Alexander Novak's office stated that Russia will reduce oil output by an additional 500,000 barrels per day in August.

Market reaction

Crude oil prices continued to push higher following these headlines. As of writing, the barrel of West Texas Intermediate was trading at $71.35, gaining 1.4% on a daily basis.