Oil prices are on the rise, following Saudi cuts. On Monday, Asian stocks extended a global rally on the Federal Reserve's optimism to suspend rate hikes this month

Oil prices have recently come under pressure due to growing concerns about the slowdown in China's economic recovery. While U.S. crude oil rose $1.77, or 2.4%, to $73.51, and Brent oil rose $1.82, or 2.4%, to $77.95