Oil Gains on Saudi Arabia’s Output Cut

0048 GMT — Oil futures are higher in early Asian trade after Saudi Arabia on Sunday announced a voluntary output cut for July on top of previously announced curbs amid concerns over slowing global energy demand. OPEC+’s “moderately bullish meeting partly offsets some bearish downside risks to our December 2023 price forecast of $95/bbl, including supply beats in Russia, Iran, and Venezuela, and downside risks to China demand,” Goldman Sachs analysts say in a research note. Front-month WTI crude oil futures and Brent futures are each 2.1% higher at $73.23/bbl and $77.70/bbl, respectively. (bingyan.wang@wsj.com)