Oil Rises as Saudi Cut Supports and Focus Turns to Fed

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, on May 21, 2018. Ahmed Jadallah/Reuters

LONDON—Oil rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.

At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd) in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.