oil futures rose monday after saudi arabia said it would extend a 1 million barreladay production cut through august while russia said it would cut exports this month by 500000 barrels a day us markets will be closed tuesday for the independence day holiday crude futures popped higher after saudi arabias energy ministry said the voluntary cut of 1 million barrels a day that took effect this month would be extended through august keeping the nations output at 9 million barrels a day also monday russian deputy prime minister alexander novak said the country would curb exports by 500000 barrels a day in july according to news reports as part of efforts to ensure oil markets remain balanced oil rose modestly after the announcements but it wasnt enough to prompt a material rally wrote analysts at sevens report research saudi arabia had announced a voluntary july cut of 1 million barrels a day on june 4 as the organization of the petroleum exporting countries and its allies agreed to stick with earlier production curbs saudi energy minister abdulaziz bin salman had said the cut could be extended analysts had largely expected an extension of the cut considering crudes continued weakness oil futures ended friday with monthly gains but wti saw a second consecutive quarterly decline  off nearly 7  and brent logged a fourth straight quarterly loss  down over 6 seethink the stock markets 2023 rally is impressive dont forget to zoom out meanwhile analysts and traders have remained skeptical that russia has met its pledge earlier this year to cut production by 500000 barrels a day through yearend this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal