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Oil prices were higher today after the Saudis announced production cuts of an additional 1MM/bbls. According to the Saudi Energy Minister, the kingdom’s output is set to fall to 9MM/bpd from 10MM/bpd. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. “The market is still trying to assess the impact of what the Saudi production cut actually means,” said Phil Flynn, an analyst at Price Futures Group. “Oil seems to be taking the news as very bullish, and it is.” WTI traded up $.41 to close at $72.15. Brent traded up $.58 to close at $76.71.