Oil Rises over 2% following the OPEC+ Deal to Prolong Its Record Output Cut till End-July

Oil prices climbed more than 2% on Monday to the highest in three months after OPEC+ and its allies including Russia agreed to extend record oil production cuts until the end of July.

 

As of 10:11 local time in Thailand, WTI rose $0.32/bbl or 0.81% to $39.87/bbl, while gained $0.85/bbl or 2.15% to $40.40/bbl by 07:00 ICT. Meanwhile, Brent climbed $0.52/bbl or 1.23% to $42.82/bbl and was traded as high as $43.41/bbl by 00:00 GMT, up $1.02/bbl or 2.4%.

 

On Saturday meeting (June 6), the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to prolong the output cut of 9.7 million barrels per day, the deal to withdraw almost 10% of global supplies from the market, until end-July.

 

Following the deal, world’s top exporter Saudi Arabia for July exports have jumped to the sharply increase for its oil prices in the last two decades.