Oil prices soar after Saudi Arabia vows to cut exports

NEW YORK, July 25 (Xinhua) -- Oil prices continued to surge on Tuesday as major crude producer Saudi Arabia pledged to cap its exports to help ease the global oversupply.

The West Texas Intermediate for September Delivery added 1.55 U.S. dollars to settle at 47.89 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 1.62 dollars to close at 50.22 dollars a barrel on the London ICE Futures Exchange. Enditem