Oil edges higher after Saudi Arabia and Russia curb supplies

​Oil edged higher as traders assessed the latest efforts from OPEC+ linchpins Saudi Arabia and Russia to prop up prices by curbing supply.

West Texas Intermediate climbed above US$70 a barrel, clawing back some of the 1.2 per cent loss in the previous session even as the cuts were announced. Volumes were subdued due to the July 4 holiday in the U.S. 

In a flurry of announcements Monday, Saudi Arabia said that it will prolong a unilateral one million barrel-a-day supply reduction into August, a move traders had widely expected. Russia announced a reduction in exports, while Algeria planned to make more modest curbs.