Oil Climbs Over 2% After OPEC+ Extends Output Cuts to End-July

Singapore: Oil prices rose more than 2% early on Monday to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July. Brent crude climbed to as high as $43.41 a barrel and was trading at $43.32 by 0000 GMT, up $1.02, or 2.4%. US West Texas Intermediate (WTI) crude gained 83 cents, or 2.1%, to $40.38 a barrel. Both hit their highest since March 6.

Brent has nearly doubled since the start of April, propped up by an unprecedented production cut of 9.7 million barrels per day by the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies…

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