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Oil rises after OPEC+ agree output cut extension

Crude futures traded higher on Monday after OPEC and its allies agreed over the weekend to extend production cuts by another month.

The OPEC+ reached a deal to prolong the current cuts of 9.7 million barrels per day until the end of July.

Brent for August delivery climbed 1.28% to sell for $42.82 per barrel at 6:11 am GMT and West Texas Intermediate (WTI) for settlements in July rose 0.88% to go for $39.88 per barrel at 6:02 am GMT.