Oil prices were higher today, gaining about 3% in a post-holiday response to supply cuts announced on Monday by Russia and Saudi Arabia. The Saudis announced Monday that they have agreed to extend their 1MM/bpd supply cut through August. There was no WTI settlement on Tuesday because of the U.S. holiday, so trade on Wednesday had it catching up with Brent’s gains the previous day. “The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws,” said UBS analyst Giovanni Staunovo. WTI traded up $2.00 or 2.9% to close at $71.79. Brent traded up $.40 or .5% to close at $76.65.