Saudi Arabia and Russia are cutting oil supply again in bid to boost prices

LONDON (AP) — Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world to try to prop up prices. It shows how two of the world’s largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy. The move Monday gave a slight boost to oil prices. The Saudi Energy Ministry said it would extend its previously announced cut of 1 million barrels per day in July through August in a bid to support “the stability and balance of oil markets.” Russia will cut an additional 500,000 barrels a day in August, for a total of 1 million.